Tuesday, Jul 07, 07:40 GMT
EUROPEAN Trading Newsletter
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- Learning Center: New chapter online: Fundamental Analysis Read it now!
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- All the events of the day in our Economic Calendar
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Forex Blogs
Forex Trading Today: RBA Holds The Cash Rate As Price Remains Rangebound by Tim Salem
As we had expected, The RBA Holds their Overnight Rate @ 3.0% favoring their effective 3−Month Policies of Late, although a hint at further Easing may be needed during their "Wait and See" Policy Shifts.
FX Market Readings: Dip to rise very big by Dr. S. Sivaraman
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Live Sessions Schedule
The Weather Report: Ichimoku Cloud Trading
Expert: Chris Capre
Start: Tue, Jul 7, 14:00 GMT
Type of Session: Webinar
Trading Around Your Day Job
Expert: Ryan O'Keefe
Start: Tue, Jul 7, 15:00 GMT
Type of Session: Webinar
| Sponsored by | ||||
| Tue, Jul 7, 09:00 GMT | Trading the Harmonic patterns  | Sunil Mangwani | WBN |  |
| Tue, Jul 7, 12:00 GMT | US Pre−Market Open | Ed Ponsi | WBN |  |
| Tue, Jul 7, 12:30 GMT | Can we make money in these slow markets? | Adam Rosen | WBN | |
| Tue, Jul 7, 13:30 GMT | US Session Open | Ed Ponsi | WBN | |
Current Session: Europe
Price comes off of a 'Rounded V' Formation from Daily Static Support @ 1.6092
FXstreet.com Independent Analyst Team − Neutral Hourly Sentiment with Price is Seen in the Immediate−Term. The 20SMA/200SMA Bearish Cross is also "flatlining" to some Neutrality here with the same Divergent RSI Readings and Slope of "49", as the 20SMA provides Dynamic Support Confluence with the Daily Pivot @ 1.6236. Appreciation sees 1.6324 Static Resistance followed by 1.6379, with the 200SMA almost−Converging @ 1.6421. Continuation sees 1.6468 where Bullish Sentiment would be coming back into View, as price retraces the Downleg of Deprecation for a potential Hourly Double−Top @ the 1.6530's Area.
EUR/USD
EUR/USD: (1.3985) Failed in its retest of 1.4178 by KBC Bank
Support area at 1.3944 (break−up hourly), with next levels at 1.3876 (current week low + daily envelope bottom + daily projection band bottom + daily Stop And Reverse), where pause favored.
USD/JPY
Attempt shorts at 95.35, adding to 96.00; stop well above 96.25 by Mizuho Corporate Bank
Pity it didn't close below 95.00 yesterday as this would have seen bearish pressure increase. Expect more consolidation neatly below the lower edge of the Ichimoku ‘cloud' and the moving averages today, above trendline support.
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 INDUSTRIAL PRODUCTION
| Date (GMT) | Event | Cons. | Previous | |
| Jul 7 | 08:30 | Industrial Production (MoM) | 0.2% | 0.3% |
| Jul 7 | 08:30 | Manufacturing Production (YoY) | -11.8% | -12.7% |
| Jul 7 | 08:30 | Industrial Production (YoY) | -11.3% | -12.3% |
| Jul 7 | 08:30 | Manufacturing Production (MoM) | 0.1% | 0.2% |
Friday Notes - UK, Industrial Production: Industrial recession is easing by UniCredit Group
Different surveys of manufacturing activity marked a significant improvement over the last few months, strong evidence that the worst of the industrial recession may be behind us. Still, at the current level, the surveys remain consistent with further production cuts in Q2
[ Full Story ]Top Market Movers Review
Australia RBA INTEREST RATE DECISION
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Jul 7 | 04:30 | RBA Interest Rate Decision | 3% | 3% | - |
Australia's RBA leave rates unchanged, as expected (Forex Live)
Australia's central bank, the RBA, have left the official cash rate unchanged at 3%.
[ Full Story ]- Read the Rate data at RBA
- RBA rate decision sparks market into life (Forex Live)
- RBA meets today− no change expected (Forex Live)
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| Jul 6 | 08:30 | EMU | Sentix Investor Confidence (Jul) | -31.3 | -25.0 | -27.0 |
| 14:00 | US | ISM Non−Manufacturing (Jun) | 47 | 46 | 44 | |
| 22:00 | NZ | NZIER Business Confidence (2Q) | -25 | -65 | ||
| Jul 7 | 04:30 | AU | RBA Interest Rate Decision | 3% | 3% | |
| 08:30 | UK | Industrial Production (MoM) (May) | 0.2% | 0.3% | ||
| 08:30 | UK | Industrial Production (YoY) (May) | -11.3% | -12.3% | ||
| 08:30 | UK | Manufacturing Production (MoM) (May) | 0.1% | 0.2% | ||
| 08:30 | UK | Manufacturing Production (YoY) (May) | -11.8% | -12.7% | ||
| 10:00 | DE | Factory Orders n.s.a. (YoY) (May) | -31.2% | -37.1% | ||
| 10:00 | DE | Factory Orders s.a. (MoM) (May) | 0.6% | 0.0% | ||
Educational Resources
Using swing breakouts in forex trading
This article is taken from the Forex Journal (May 2009 issue). The author, Doug Schaff, has traded the Forex markets for close to 30 years. Doug Schaff discusses the use of intermediate swing highs and swing lows to develop a shortterm approach to trading the currency markets. Read the article!
Other Articles of the Forex Journal
Timely Advice from a Pro Trader by Johan Kriek
Leash in Retracements with Arcs by Cornelius Luca