Daily Market Analysis – Markets Remain at Multi-Month Highs

01/21/2013

For those that have been following the recent price action in the various financial markets, it should be apparent that 2013 is going to be a profitable one for those that know how to trade in both directions.  Today's trading action should be relatively quiet as the US markets are closed because of the Martin Luther King holiday.  For those interested in a more in depth analysis, we at CM trading are here to assist those who are interested in profiting from the financial markets.

EURUSD
So far today, the pair has reached 1.3331 and is currently trading at 1.3317.  On the downside, targets to be aware of are 1.3221 followed by 1.3196. If the pair breaks higher, 1.3278 is the first target followed by 1.3341. 

Resistance	R1: 1.3330	R2: 1.3370	R3: 1.3397
Support	S1: 1.3295	S2:  1.3255	S3: 1.3175

Its currently trading at 1.05156, over 40 pips lower than its Friday high of 1.0557. Targets on the downside are at 1.0505 and 1.0485.  On the upside its first target is 1.0525 followed by 1.0550.

Resistance	R1: 1.0525	R2: 1.0550	R3: 1.0575
Support	S1: 1.0505	S2: 1.0485	S3: 1.0470

GBPUSD

The GBPUSD is currently trading at 1.5867. Current targets on the upside are 1.5890 followed by 1.5950. On the downside targets are 1.5865 and 1.5845.

Resistance	R1: 1.5890	R2: 1.5950	R3: 1.5995
Support	S1: 1.5865	S2: 1.5845	S3: 1.5810

Gold

So far in the month of January, Gold has reached a high of $1697.10. It’s currently trading at $1687.26.55. If gold heads lower, price levels to watch are $1684.10 and $1678.25.

Resistance	R1: 1698.72	R2: 1704.48	R3: 1718.10
Support	S1: 1681.86	S2: 1675.10	S3: 1663.73

Daily Calendar for Wednesday, January 21^st  2013   

Time	Currency	Event	Actual	Forecast	Previous
TBA	JPY	Interest Rate Decision		0.10%	0.10%

Successful Trading!

Jacob Fendrich
Senior Market Analyst

http://www.CMTrading.com 

      

Risk Warning: Contracts for Difference (CFDs)  and foreign exchange products are leveraged products and may not be suitable for everyone. They are highly speculative and involve a significant risk of loss. Please ensure that you fully understand the risks involved. More information can be found from our "Risk Disclosure" statement. . The content offered in this email is for information purposes only and should not be interpreted as a solicitation to offer purchase or sale of any financial instrument. The information on which this communication is based has been obtained from sources we believe to be reliable, but we do not guarantee its accuracy or completeness. All expressions of opinion are subject to change.