Tuesday, May 05, 07:50 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: Rally Day Within Up Trends, Looking For Pullbacks… by Ryan O'Keefe
Today was a rally day among most of the daily chart up trends I've been watching. From reading this blog you know I prefer to buy into dips during an up trend. Since most of the pairs I watch made new highs within their up trends, I'm looking for a decent dip day.
Forex Trading Today: The Queen, Crude Oil, and the Aussie Look for Continued Momentum by Tim Salem
FX Market Readings: A day of wide range swing is expected by Dr. S. Sivaraman
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Live Sessions Schedule
Profitable trading with Fibonacci, MA and Bollinger
Expert: Lea Peters
Start: Tue, May 5, 13:00 GMT
Type of Session: Webinar
The Weather Report: Ichimoku Cloud Trading
Expert: Chris Capre
Start: Tue, May 5, 14:00 GMT
Type of Session: Webinar
| Sponsored by | ||||
| Tue, May 5, 11:00 GMT | FX Instructor Live Trading Room  | Mark De La Paz | WBN |  |
| Tue, May 5, 13:00 GMT | Profitable trading with Fibonacci, MA and Bollinger | Lea Peters | WBN |  |
| Tue, May 5, 14:00 GMT | The Weather Report: Ichimoku Cloud Trading | Chris Capre | WBN | |
| Tue, May 5, 15:00 GMT | Trading with Autochartist | Raghee Horner | WBN | |
Current Session: Europe
GBP/USD: The strongest weekly close since early January
Mizuho Corporate Bank − The strongest weekly close since early January but under the psychological 1.5000 area. Other currencies are doing something similar and bullish momentum has increased. Futures positions are less than half of 2007's peak suggesting many are looking in the wrong direction. Expect another squeeze higher this week and maybe all month.
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EUR/USD
Currency Majors Technical Perspective − Dynamic Support provided by the Hourly 20SMA at 1.3359 by FXstreet.com Independent Analyst Team
Dynamic Support provided by the Hourly 20SMA @ 1.3359, Price finds Bullish Sentiment to appreciate and "Re−Test" the 1.3340's Highs as Violation through Dynamic and Static Resistance Levels of 1.3397 and 1.3420 should Complete.
USD/JPY
Market Session Recaps − USD/JPY moves favored the yen by FOREX.com
USD/JPY moves favored the yen, drifting from 98.96 levels to lows of 98.62 later in the day. EUR/JPY dropped as well, in this case from 132.75 to levels close to 131.85.
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
US ISM NON−MANUFACTURING
| Date (GMT) | Event | Cons. | Previous | |
| May 5 | 14:00 | ISM Non−Manufacturing | - | 40.8 |
Friday Notes - ISM non−manufacturing by UniCredit Group
The tone of the comments to a variety of surveys, including the Fed's Beige Book, confirms the US economy is still contracting, but at a much slower pace than in the past six months. That is likely to be supported by the SM non−manufacturing report as well.
[ Full Story ]Top Market Movers Review
Australia RBA INTEREST RATE DECISION
| Date (GMT) | Event | Actual | Cons. | Previous | |
| May 5 | 04:30 | RBA Interest Rate Decision | 3% | 3% | 3% |
RBA leaves rates unchanged at 3.00 (FXstreet.com)
The Reserve Bank of Australia as expected left its cash rate target unchanged at a 49−year low of 3.00% after a policy meeting earlier Tuesday. Strong gains in global equity prices over recent weeks also likely contributed to the RBA board's decision to keep interest rates on hold. But economists have said further cuts are nevertheless likely over coming months.
[ Full Story ]- Read the Rate data at RBA
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| May 5 | 01:30 | AU | Building Permits (YoY) (Mar) | -16.5% | -18.9% | -25.5% |
| 03:00 | NZ | ANZ Commodity Price (Apr) | 2.5% | 1.0% | ||
| 04:30 | AU | RBA Interest Rate Decision | 3% | 3% | 3% | |
| 05:45 | CH | SECO Consumer Climate (Apr) | -38 | -25 | -23 | |
| 08:30 | UK | PMI Construction (Apr) | 31.7 | 30.9 | ||
| 09:00 | EMU | Producer Price Index (MoM) (Mar) | -0.5% | -0.5% | ||
| 09:00 | EMU | Producer Price Index (YoY) (Mar) | -2.9% | -1.8% | ||
| 09:30 | UK | DCLG House Price Index (YoY) (Mar) | -12.3% | |||
| 09:30 | UK | Producer Price Index − Output (MoM) n.s.a (Apr) | 0.1% | |||
| 09:30 | UK | Producer Price Index − Output (YoY) n.s.a (Apr) | 2% | |||