Wednesday, October 23, 2013

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.


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.

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


The currency broke out of its range on October 14th 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.

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

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