Daily Market Analysis – Quiet Day in the Market

02/11/2013

Market has yet to show us its hand as for its short term direction. Tomorrow’s economic events will be more European centric and Wednesday’s big reports will be coming out of the US. In the meantime, today provides a good opportunity to get good prices without the slippage that high volatility creates.  

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. Below are the charts to better understand the current short term trends in some of the different markets.

EURUSD 

To start the month, the pair reached a high of 1.3710 and now its trading at 1.3382.  On the downside, targets to be aware of are 1.3375 followed by 1.3350. If the pair breaks higher, 1.3425 is the first target followed by 1.3475. 

Resistance	R1: 1.3425	R2: 1.3475	R3: 1.3575
Support	S1: 1.3375	S2: 1.335	S3: 1.333

EURJPY

Its currently trading at 1.2495, over 270 pips lower than Thursday’s 1.2740 high. At present, targets on the downside are at 1.2450 and 1.2403.  On the upside its first target is 1.2570 followed by 1.2603.

Resistance	R1: 1.2570	R2: 1.2603	R3: 1.2667
Support	S1: 1.2450	S2: 1.2403	S3: 1.2312

GBPUSD

The GBPUSD is currently trading at 1.5690. Current targets on the upside are 1.5765 followed by 1.5807. On the downside targets are 1.5670 and 1.5650.

Resistance	R1: 1.5765	R2: 1.5807	R3: 1.5854
Support	S1: 1.5670	S2: 1.5650	S3: 1.5625

Gold

Today has seen Gold reach a new monthly low of $1643.65. It’s slightly off its low for the day, currently trading at $1649.80. If gold heads lower, price levels to watch are $1657 and $1651.88.

Resistance	R1: 1663.70	R2: 1672.49	R3: 1677.25
Support	S1: 1644.10	S2: 1622.11	S3: 1598.40

Daily Calendar for Thursday, February 11^th 2013   

Time	Currency	Event	Actual	Forecast	Previous
19:30	AUD	NAB Business Confidence			3

Successful Trading!

Jacob Fendrich
Senior Market Analyst

http://www.CMTrading.com 

        

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