Friday, May 01, 07:38 GMT
EUROPEAN Trading Newsletter
To Get Started
- Learning Center: New Contents has been released! Chapter 3 of Unit A - Understand the Mechanics. Read it now!
- Webinar Videos: Trading with the ATR & Bollinger Bands by Adam Rosen
- All the events of the day in our Economic Calendar
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Forex Blogs
The Day Job Trader: GBP/JPY Up Against Resistance & Trend Line by Ryan O'Keefe
Howdy Folks! Well the blog has been quiet for a bit but I'm pleased to be blogging again. I've been busy working on a book for Wiley & Sons but I'm back now! I think there are some interesting technical things happening on GBP/JPY tonight.
Forexology: Trading within the waves of a Harmonic pattern by Sunil Mangwani
FX Market Readings: Week end and month beginning expected moves by Dr. S. Sivaraman
Find other fellow traders to share your comments and market view in the FOREX FORUM
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Live Sessions Schedule
Understanding the simple rules of Money Management – Part I: The Risk−to−Reward ratio
Expert: Sunil Mangwani
Start: Fri, May 1, 09:00 GMT
Sponsored by: 
Type of Session: Webinar
US Pre−Market Open
Expert: Ed Ponsi
Start: Fri, May 1, 12:00 GMT
Type of Session: Webinar
| Sponsored by | ||||
| Fri, May 1, 09:00 GMT | Understanding the simple rules of Money Management – Part I: The Risk−to−Reward ratio  | Sunil Mangwani | WBN | |
| Fri, May 1, 12:00 GMT | US Pre−Market Open | Ed Ponsi | WBN |  |
| Fri, May 1, 13:00 GMT | FX Market Pulse | Raghee Horner | WBN | |
| Fri, May 1, 13:30 GMT | US Session Open | Ed Ponsi | WBN | |
Current Session: Europe
Sellers capped the market just before 1.4950
Charmer Charts.com − Sellers capped the market just before 1.4950 and kept pushing it lower until reaching 1.4704. Not to be outdone, buyers then grabbed hold of it, but failed to get through 1.4950 and today we are a little lower.
Below 1.4765 sees sellers once more head for the downside with 1.4708/04 once more targeted. Buyers will automatically defend this support as it is the first longer term retracement target.
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EUR/USD
EUR/USD: Consolidation has Price at the Daily Pivot Level of 1.3266 by FXstreet.com Independent Analyst Team
Consolidation has Price at the Daily Pivot Level of 1.3266 bolstered dynamically by the Hourly 20SMA @ 1.3244. Continuation looks to Daily Static Resistance at the 1.3300 Figure,
USD/JPY
Asia Session − USD/JPY hit a two week high of 99.15 by FOREX.com
USD/JPY opened at lows a touch over 98.50 and later hit a two week high of 99.15 in thinned trading as Japan stood alone as most other countries were out for the May Day holiday.
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
USD JPY, Hourly
GBP USD, Hourly
Top Market Movers Preview
UK PURCHASING MANAGER INDEX MANUFACTURING
| Date (GMT) | Event | Cons. | Previous | |
| May 1 | 08:30 | Purchasing Manager Index Manufacturing | 40.3 | 39.1 |
Friday Notes - Manufacturing activity has likely bottomed out by UniCredit Group
The meaningful increase in March for the manufacturing PMI fuelled hopes that the bottom in the manufacturing cycle might have been reached in Q1. We are pretty confident that Q2 will mark some improvements in production.
[ Full Story ]Top Market Movers Review
Japan NATIONAL CONSUMER PRICE INDEX
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Apr 30 | 23:30 | National Consumer Price Index (YoY) | -0.3% | -0.3% | -0.1% |
Japan Mar Core CPI −0.1% On Year; Mkt Expected −0.2% (Dow Jones)
Japan's core consumer price index fell 0.1% on year in March, the first negative reading in a year and a half, and analysts say it is a worrisome sign that the nation might have entered a long period of deflation. The reading in the core CPI, which excludes volatile fresh food prices, declined because energy prices were substantially lower than a year prior, and because weakening domestic demand prompted firms to adopt a low−price strategy, the Ministry of Internal Affairs and Communications said Friday.
[ Full Story ]- Read the National CPI data at Statistics Bureau
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| Apr 30 | 23:30 | JP | National Consumer Price Index (YoY) (Mar) | -0.3% | -0.3% | -0.1% |
| 23:30 | JP | National CPI Ex−Fresh Food (YoY) (Mar) | -0.1% | -0.2% | 0.0% | |
| 23:30 | JP | Overall Household Spending (YoY) (Mar) | -0.4% | -2.7% | -3.5% | |
| May 1 | 01:30 | JP | Labor Cash Earnings (YoY) (Mar) | -3.7% | -2.8% | -2.4% |
| 08:30 | UK | M4 Money Supply (MoM) (Mar) | 1.5% | |||
| 08:30 | UK | M4 Money Supply (YoY) (Mar) | 18.6% | |||
| 08:30 | UK | Mortgage Approvals (Mar) | 40K | 38K | ||
| 08:30 | UK | Purchasing Manager Index Manufacturing (Apr) | 40.3 | 39.1 | ||
| 14:00 | US | Factory Orders (Mar) | -0.7% | 1.8% | ||
| 14:00 | US | ISM Manufacturing (Apr) | 38.0 | 36.3 | ||