Tuesday, Nov 03, 08:36 GMT
EUROPEAN Trading Newsletter
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Forex Blogs
Chartology: USD/JPY Swing Set Up by Reghee Horner
I've been watching the USD/JPY closely as the Dow and U.S. Dollar do battle because by watching which market the dolalr−yen is moving with allows me to seek which is driving the market. For those of you who are wondering: It's still largely the psychology of the Dow that's the driver which means the Dow is pushing the U.S. Dollar Index around.
Forex Hedge: Mother of all carry trades faces an inevitable bust by Ron Schelling
FX Bootcamp: FOREX VIDEO - European Outlook November 3rd 2009 by David R Pegler
Sponsored by 
Live Sessions Schedule
London Session Scenarios on GBPUSD & GBPJPY
Expert: Mihai Marinescu
Start: Tue, Nov 3, 09:00 GMT
Type of Session: Webinar
Using Fibonacci ratios to manage your trades efficiently
Expert: Sunil Mangwani
Start: Tue, Nov 3, 10:00 GMT
Sponsored by: 
Type of Session: Webinar
| Sponsored by | ||||
| Tue, Nov 3, 09:00 GMT | London Session Scenarios on GBPUSD & GBPJPY | Mihai Marinescu | WBN |  |
| Tue, Nov 3, 10:00 GMT | Using Fibonacci ratios to manage your trades efficiently | Sunil Mangwani | WBN | |
| Tue, Nov 3, 14:00 GMT | Daily chart analysis  | Adam Rosen | WBN | |
| Tue, Nov 3, 15:00 GMT | The Weather Report: Ichimoku Cloud Trading | Chris Capre | WBN | |
Current Session: Europe
GBP/USD: Pound breaks below 1.6330, Monday's low
FXstreet.com − The Pound is weakening ahead of the European session opening, breaking below Monday's low at 1.6330, reaching a fresh low at 1.6318 at the moment of writing.
In case of consolidation below 1.6330 (Nov 2 low), next support levels could lie at 1.6285 (Oct 27 and 28 low) and 1.6245 (Oct 19 and 26 low). On the upside, recovery from current levels could find resistances at 1.6420 session high, and above here, 1.6475 (Nov 2 high) and 1.6550.
EUR/USD
Drop from new recovery high puts the pair back in channel off 1.3832 by KBC Bank
Drop from new recovery high puts the pair back in channel off 1.3832 and in the inverted daily channel off June low (top at 1.4900 today), with daily Uptrendline off March low having been tested (1.4742 today).
AUD/USD
RBA has raised interest rates but upside action has been limited by Easy Forex
The RBA has raised interest rates by 25−bp to 3.50% as expected but upside action has been limited, therefore bearish pressure remains intact. Support is seen at .9000 backed by a more notable barrier at .8930
Analyst Sentiment Index (ASI)
Analysts Sentiment Index - EUR/USD
**Source : FXstreet.com , Deltastock , Financial Trend Analysis , Mizuho
[ View ASI page ] [ View EUR/USD page ]
Charting the Market Movers
USD JPY, Hourly
GBP USD, Hourly
Event of the Day
Australia RBA INTEREST RATE DECISION
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Nov 3 | 03:30 | RBA Interest Rate Decision | 3.50% | 3.50% | 3.25% |
Forex: AUD/USD: Aussie, bearish after rate hike, drops below 0.9000 (FXstreet.com)
Reserve Bank of Australia has raised its benchmark interest rate, from 3.25% to 3.5%, ,and the Aussie experienced a bearish reaction, dropping more than 100 pips, from 0.9095 ahead of the RBA decision, to levels below 0.8985 support, reaching 0.8960 session low at European opening times.
[ Full Story ]- Read the Rate data at RBA
- Asian forex market wrap: AUD lower after RBA hikes (Forex Live)
- AUD/USD drops 30 pips after RBA raises rates by 25 bps as expected (Forex Live)
- RBA +0.25 (Forex Live)
Event of the Week
EMU ECB INTEREST RATE DECISION
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Nov 5 | 12:45 | ECB Interest Rate Decision | - | 1% | 1% |
EMU economic indicators - ECB council: no policy change by BHF−Bank
As far as next week's ECB council meeting is concerned, however, we are expecting the policy stance to be left unchanged. The central bank will probably restrict itself to gradually becoming more upbeat in its assessment of the macroeconomic situation and gently hinting that exit will be necessary "at some point".
[ Full Story ]Euro Thoughts - No major surprises are expected on the November ECB meeting by UniCredit Group
Top Fundamental Stories - Analysts expect the rate to remain unchanged by ecPulse.com
Sunrise Market Commentary - No change in interest rates is expected by KBC Bank
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| Nov 2 | 21:45 | NZ | Labor Cost Index (QoQ) (1Q) | 0.4% | 0.3% | |
| Nov 3 | 00:00 | US | Total Vehicle Sales (Oct) | 9.8 | ||
| 02:00 | NZ | ANZ Commodity Price (Oct) | 4.6 | |||
| 03:30 | AU | RBA Interest Rate Decision | 3.50% | 3.50% | 3.25% | |
| 09:30 | UK | PMI Construction (Oct) | 46.7 | |||
| 15:00 | US | Factory Orders (Sep) | 1.1% | -0.8% | ||
| 22:00 | US | ABC/Washington Post Consumer Confidence (Nov 1) | -51 | |||
| Nov 4 | 00:01 | UK | Nationwide Consumer Confidence (Oct) | 71 | ||
| 00:30 | AU | Building Permits (MoM) (Sep) | -0.1% | |||
| 00:30 | AU | Retail Sales Trend (MoM) (Sep) | 0.9% | |||
Educational Resources
Understand your Trading System
In today's market, a trader's problems change as quickly as he or she can solve them, which is why having a rule−based strategy is more important than ever, says Mike Baghdady. In addition to trying to make correct trading decisions, new issues have arisen that we must attend to such as anonymity to protect our orders from negative selection and executing our orders with the least possible market impact.
Read Mike Baghdady's new educational contribution!
More about Trading Systems:
Forex Trading System - Report by Dima Chernovolov
Building a Trading System in the Forex - Webinar Recording by John Jagerson
Trading Systems - Q&A Session Transcript by Dan Blystone