Market Analysis – Wednesday, October 23rd 2013

Yesterday’s US employment data was much worse than expected and was the catalyst for the drastic move lower in the US dollar. This move had a ripple effect and was what propelled many of the other financial markets higher.  Today’s correction could be nothing more than a consolidative move or it could be indicative of a trend change. Only time will tell. Tomorrow’s big economic events revolves around US employment numbers at 13:30 GMT and US home sales at 15:00 GMT. Those looking for additional assistance, we at CMTrading are here to help those looking to profit in the financial markets.

 EUR/USD

It’s currently trading at 1.3762 and yesterday the pair reached its yearly high of 1.3791. Targets on the upside are 1.3791 and 1.3825. On the downside targets are 1.3744 and 1.3714.

RESISTANCE	R1:  1.3791	R2:  1.3825	R3:  1.3883
SUPPORT	S1:  1.3744	S2:  1.3714	R3:  1.3697

 

NZD/USD

The currency broke out of its range on October 14^th to reach yesterday’s high of .8542.  It has since sold off dramatically to its current price of .8384 and has bounced off the top of its previous trading range. Below is a table of important support and resistance levels.

RESISTANCE	R1:  .8405	R2:  .8430	R3:  .8445
SUPPORT	S1:  .8343	S2: .8302	R3:  .8271

 

Market Analysis – Thursday, October 10th 2013

The only problem with having a set opinion on the market is that it clouds one’s judgement from what the market is actually doing.  A perfect example of this is that some people think that since the GBPUSD was once trading at 2.07, it will once again return to those levels.  One’s excitement of the potential profit closes one’s eyes to the reality of the situation. Another example are those who predict that the reserve currency of the world, namely the US dollar will one day fall apart. Whenever I hear statement such as that, my only feeling is to expect a massive appreciation in the dollar’s value since the purpose of the market is to prove the majority of people wrong. Remove your personal bias in the markets and watch as your investment portfolio grows in value.

There are several speeches later today that could affect the market’s direction. One is from Bank of Japan’s Governor Kurdoda and the other is from European Central Bank President Mario Draghi. Both of these speakers have the ability to cause major moves in the market. Those looking for additional assistance, CMTrading is here to help those looking to profit in the financial markets.

EUR/USD

Not much has change for the last week in the EURUSD. It’s currently trading at 1.3518 and it’s unclear if the market is in a countertrend rally or if it’s shifting trends. Targets on the upside are 1.3559 and 1.3585. On the downside targets are 1.3510 and 1.3485.

RESISTANCE	R1:  1.3550	R2:  1.3595	R3:  1.3640
SUPPORT	S1:  1.3510	S2:  1.3480	R3:  1.3460

 

USD/CHF

The currency has been rangebound for the past month, trading between .9130 and .8967. It’s current downside targets are .8258 and .8213. Its upside targets are .8293 and .8325.

RESISTANCE	R1:  .8293	R2:  .8325	R3:  .8341
SUPPORT	S1:  .8258	S2: 0.8213	R3:  0.8158

 

Market Analysis – Tuesday, October 1st 2013

For those traders and investors waiting to see a big move in the markets, tomorrow’s calendar of events should provide that action. Not only will there be an an ECB press conference, but we will also hear words from US Fed Chairman Bernanke. Additionally we will be receiving US employment numbers. It should be an action packed day. Those looking for additional assistance, we at CMTrading are here to help those looking to profit in the financial markets.

 

EUR/USD

It’s currently trading at 1.3545 and remains within reach of the yearly high of 1.3710. Targets on the upside are 1.3595 and 1.3640. On the downside targets are 1.3520 and 1.3480.

RESISTANCE	R1:  1.3550	R2:  1.3595	R3:  1.3640
SUPPORT	S1:  1.3520	S2:  1.3480	R3:  1.3460

 

GBP/USD

Major pullbacks on the GBPUSD have been rare. Since July the GBPUSD has seen a meteoric 1400 pip rise all the way from the low 1.48’s. The major target on the upside remains at 1.6380 and the downside target is 1.5995.

RESISTANCE	R1:  1.6260	R2:  1.6290	R3:  1.6305
SUPPORT	S1:  1.6210	S2: 1.6175	R3:  1.6135

 

NZD/USD

The currency has been rangebound for the past 5 trading days between .8216 and .8341. If it breaks through these ranges, it’s upside target is .8388 and the downside target is .8156.

RESISTANCE	R1:  .8293	R2:  .8325	R3:  .8341
SUPPORT	S1:  .8258	S2:  0.8213	R3:  0.8158