Daily Market Review for Thursday, 1st of May, 2014

Today’s main Financial Events (All times GMT):

 

Here is a look at today’s top traded currencies and commodities. Please keep a close eye on the market today, as important financial data is scheduled to be released mainly in United Kingdom, United States and Australia. Prices are expected to fluctuate during trading hours. Please find below our recommendations for today:

 

AUD/USD
Key Levels: High at 0.9306/Low at 0.9278

Key Support Levels at: 0.9270/0.9246/0.9223

Key Resistance Levels at: 0.9321/0.9345/0.9368

 

AUD/USD is trying to pass the 0.9300 level; scheduled to do so as session progresses

 

AUD/USD traders will be looking forward to the release of important financial data figures coming out from Australia and United States during Thursday’s trading session. The pair currently looks as if it will be able to develop an additional upward momentum following yesterday’s earlier uphill climb up to a level of 0.9296. The AUD/USD is currently trading at around a level of 0.9293. It seems as if the pair will eventually be able to continue and go up following positive PMI data arriving from China.

According to the titantrade trading academy, the pair seems to be heading on it’s way to breach the first resistance level currently targeted at 0.9321.
titantrade trading analysts estimate that a more than probable upward trend is expected until the end of the day.

 

 

EUR/JPY
Key Levels: High at 141.94/Low at 141.67

Key Support Levels at: 141.47/141.12/140.76

Key Resistance Levels at: 142.52/142.88/143.23

 

EUR/JPY losing positive momentum following inflation data release

 

The EUR/JPY will more than likely be faced with a downward trend momentum during Thursday’s trading session. There will be hardly any crucial fundamental factors effecting the pair’s direction today coming from Japan. Traders are highly advised to keep a very close eye on technical analysis throughout the day. The pair had finished yesterday’s trading session at a level of 141.75. Since then, the pair was only able to reach the 141.85 level but wasn’t able to breach the 142.00 level. Euro related sentiments caused the pair not to progress higher. titantrade signals suggests that risk sentiments factors together with technical factors effect the pair in such a way that it will more than likely start shifting downwards until the end of the day.

The pair’s technical indicators are showing a high possibility for a relatively strong first support level breach currently estimated to be at a level of 141.47. titantrade trading analysts estimate that current market conditions are more than likely capable of a down trend until the end of the day.

 

Gold
Key Levels: High at 1291.67/Low at 1287.78

Key Support Levels at: 1288.97/1288.44/1287.66

Key Resistance Levels at: 1290.28/1291.06/1291.59

 

Gold continues to sink

 

Gold had gone down below the 1288.00 level after reaching a daily high of 1297.62 during yesterday’s mid trading session. Gold is currently trading at around the 1287.76 price level.
The precious commodity has been showing recovery signs yesterday and it looked as if it is heading towards a new upward trend momentum until the end of the session. However, after falling to 1289.62, gold wasn’t able to recover. titantrade trading experts believe that Gold is on the verge of breaching the third support level currently targeted at a level of 1287.66. Considering the relative negative momentum it had been showing lately, Gold might reach new weekly lows until the end of the week.

Our chief analyst says that Gold will more than probably continue its negative momentum that will last until the end of this trading week. titantrade trading analysts estimate that current market conditions favor a possible downtrend in Gold until the end of today’s session.