Monday, Jun 01, 16:16 GMT
ASIA-PACIFIC Trading Newsletter
To Get Started
- Learning Center: Do you want to be notified when a new chapter of the LC is released? Subscribe now!
- WEBINAR VIDEOS: Institutional Trading Strategies by Andrei Pehar
- All the events of the day in our Economic Calendar
Note that our messages might be blocked by anti-spam filters so please add newsletter@fxstreet.com or our domain (fxstreet.com) to your address book.
Forex Blogs
Forex Trading Today: GBP/USD Continues along with Gold and U.S. Equity Futures by Tim Salem (CVJ)
We are right at the NYSE Open… where Equity Futures are Well−Bid up about 106 and the S&P 500 up about 14… so clearly the whole General Motors situation is obviously expected and "Priced−In" in this case. (Dow and S&P now open… a bit lower than the Futures Bids above...)
The Advisor Weblog: Gbp/Usd technical points by Valeria Bednarik
Trade Setups: Forex Video 01 June ‘09 Analysis by Phil Newton
Find other fellow traders to share your comments and market view in the FOREX FORUM
Sponsored by 
Live Sessions Schedule
Asian Session: Live Market Analysis
Expert: Dr.S.Sivaraman
Start: Tue, Jun 2, 05:00 GMT
Type of Session: Webinar
The Weather Report: Ichimoku Cloud Trading
Expert: Chris Capre
Start: Tue, Jun 2, 14:00 GMT
Type of Session: Webinar
| Sponsored by | ||||
| Tue, Jun 2, 05:00 GMT | Asian Session: Live Market Analysis | Dr.S.Sivaraman | WBN |  |
| Tue, Jun 2, 11:00 GMT | FX Instructor Live Trading Room  | Mark De La Paz | WBN |  |
| Tue, Jun 2, 14:00 GMT | The Weather Report: Ichimoku Cloud Trading | Chris Capre | WBN | |
| Tue, Jun 2, 15:00 GMT | Correlations: commodities and small dollars | Valeria Bednarik | WBN | |
| Tue, Jun 2, 17:00 GMT | Live Look at Today's Markets | Derek Frey | WBN |  |
Current Session: U.S.
GBP/USD soared to 1.6430 and come back a bit
Valeria Bednarik − Now in a fresh high at 1.6440, the pair is moving inside an ascendant channel with the roof around 1.6500, probable target for today. From that zone, I expect some downside rebound today, as the pair is way overbought. Resistances from here lie at 1.6430 1.6480 and the 1.6500 zone. Under 1.6350 the pair could begin a downside correction with next supports at 1.6315, 1.6240 and finally 1.6170 zone.
.
USD/CAD
Chart of the Day – USD/CAD: Bearish price action by James Chen, FX Solutions
A daily chart of which is shown, has descended all the way down to strong support around the 1.0800 price region. This support target was reached after a prolonged and primarily one−directional plummet that has been in place since price made a bullish retracement to 1.1800 just around two weeks ago.
GBP/USD
GBP/USD: Consolidating between 1.6350/1.6410 by FXstreet.com Independent Analyst Team
Consolidating between 1.6350/1.6410, clear break under that base, could trigger some downside correction in the pair, as over bought conditions are clear across different time frames. Pair is moving inside an ascendant channel with the roof around 1.6500, probable target if the pair manages to break above previous high.
Analyst Sentiment Index (ASI)
Analysts Sentiment Index - EUR/USD
**Source : ActionForex.com, CMS Forex, Danske Bank A/S, FXstreet.com, i-knowindices.com, Mizuho Corporate Bank, MolFX - Management
[ View ASI page ] [ View EUR/USD page ]
Charting the Market Movers
GBP USD, Hourly
EUR USD, Hourly
Top Market Movers Preview
EMU GROSS DOMESTIC PRODUCT S.A.
| Date (GMT) | Event | Cons. | Previous | |
| Jun 3 | 09:00 | Gross Domestic Product s.a. (QoQ) | -2.5% | -2.5% |
| Jun 3 | 09:00 | Gross Domestic Product s.a. (YoY) | -4.6% | -4.6% |
Friday Notes - GDP forecast is −0.6% q−o−q by UniCredit Group
The drop in Q1 GDP was most likely driven by tumbling exports and fixed investment, similar to what happened at the end of 2008. Inventories should have been a (possibly significant) drag, while private consumption probably continued to fall, but at a relatively contained pace. The recent improvement in business surveys points to a clearly less severe pace of GDP contraction in Q2. Our forecast is −0.6% q−o−q.
[ Full Story ]Top Market Movers Review
US CONSTRUCTION SPENDING
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Jun 1 | 14:00 | Construction Spending (MoM) | 0.8% | - | 0.4% |
DATA SNAP: US April Construction Rises Unexpectedly (Dow Jones)
U.S. construction spending made an unexpected jump in April, with a rare climb in residential outlays and an increase in commercial construction.
[ Full Story ]- Construction spending at US Census Bureau
- Forex: GBP/USD rises to 1.6435 after US ISM and construction unexpectedly data (FXstreet.com)
- US Construction Spending increase 0.8% MoM in Apr (FXstreet.com)
- Table Of Data On Construction Spending From Commerce (Dow Jones)
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| Jun 1 | 00:00 | DE | Whit Monday Market Holiday | |||
| 14:00 | US | ISM Manufacturing (May) | 42.8 | 40.1 | ||
| 23:50 | JP | Monetary Base (YoY) (May) | 8.2% | |||
| Jun 2 | 01:30 | AU | Building Permits (MoM) (Apr) | 3.5% | ||
| 01:30 | AU | Building Permits (YoY) (Apr) | -16.5% | |||
| 04:30 | AU | RBA Interest Rate Decision | 3% | |||
| 05:45 | CH | Gross Domestic Product (YoY) (1Q) | -0.6% | |||
Educational Resources
Markus Heitkoetter is an experienced trader and CEO of Rockwell Trading Inc. He's a close contributor of FXstreet.com for about 3 years now. He's regularly presenting Live webinars here and will also be Key Speaker at FXstreet.com's International Traders Conference in Barcelona on October 14−16. Check his author's page to know more about him and his contents!
Highlighted resources
Forex Trading Strategies: Conservative trading strategy - Video, report and trading plan template
Conquering Fear and Greed: How to Deal With Emotions When Trading - Webinar recording
Facts, Fiction and Truth About Day Trading - Webinar recording
The Complete Guide to Day Trading: A Practical Manual from a Professional Day Trading Coach - Book
International Traders Conference (ITC 09) Barcelona - Markus will be Key Speaker at the event