Wednesday, Nov 04, 08:32 GMT
EUROPEAN Trading Newsletter
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Forex Blogs
Chartology: AUD/USD Fibonacci Pattern Set Up by Raghee Horner
The intraday AUD/USD is in a possible distribution cycle. The ABCD pattern on the 30 minute chart below will short the set up off the 78.6 level as well as Wave resistance. Here's some background on the ABCD Fibonacci pattern.The distance from A to B should ideally be equal to the distance from C to D. The move from B to C here was very strong as it retraced to the 78.6%.
FX Market Readings: Before FOMC rate decision time - expected market moves by Dr. S. Sivaraman
FX Bootcamp: FOREX VIDEO - European Outlook November 4th 2009 by David R Pegler
Sponsored by 
Live Sessions Schedule
FX Instructor Live Trading Room
Expert: Mark De La Paz
Start: Wed, Nov 4, 10:00 GMT
Sponsored by: 
Type of Session: Webinar
Trading Break Out's And Other Market Views
Expert: Phil Newton
Start: Wed, Nov 4, 11:00 GMT
Sponsored by: 
Type of Session: Webinar
| Sponsored by | ||||
| Wed, Nov 4, 10:00 GMT | FX Instructor Live Trading Room | Mark De La Paz | WBN | |
| Wed, Nov 4, 11:00 GMT | Trading Break Out's And Other Market Views | Phil Newton | WBN | |
| Wed, Nov 4, 13:00 GMT | US Pre−Market Open  | Ed Ponsi | WBN |  |
| Wed, Nov 4, 14:30 GMT | US Session Open | Ed Ponsi | WBN | |
Current Session: Europe
Resistance today is located at 1.6470/90
Charmer Charts.com − Cable finally did something yesterday and headed lower initially to 1.6260 which was a small support line and this then bounced. Today there is resistance located at 1.6474/90. Within this band previous buyers will be looking to cover longs. Now from this point you may see the market edge lower once more back to 1.6385 region.
EUR/USD
Price reversed around 1.4630 – returning into the 1.4730 by InnerFX
Be aware that the 100 points recovery could be a temporary, hence ‘fake' reversal which could be caused by yesterday's rally in Gold which jumped to record highs.
USD/JPY
Hovering slightly unstably at the 26−day average at 90.17 by Mizuho Corporate Bank
Still hovering slightly unstably at the 26−day average at 90.17, under a very large Ichimoku ‘cloud' and the 9−day moving average which has yet to turn bearish.
Analyst Sentiment Index (ASI)
Analysts Sentiment Index - EUR/USD
**Source : FXstreet.com , Deltastock , Financial Trend Analysis
[ View ASI page ] [ View EUR/USD page ]
Charting the Market Movers
USD JPY, Hourly
GBP USD, Hourly
Event of the Day
US FED INTEREST RATE DECISION
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Nov 4 | 19:15 | Fed Interest Rate Decision | - | 0.25% | 0.25% |
US economic indicators - The FOMC is expected to leave the fed funds rate at 0–0.25% at its November meeting by BHF−Bank
The FOMC is expected to leave the fed funds rate at 0–0.25% at its November meeting. According to a Taylor rule estimate based on the unemployment rate and the PCE core deflator, the fed funds rate should be negative by now...
[ Full Story ]The Currency Futures Report - Most analysts expect the FED to keep interest rate hikes on hold through mid−2010 by Alaron
Sunrise Market Commentary - No change in interest rates is expected by KBC Bank
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 4 | 00:01 | UK | Nationwide Consumer Confidence (Oct) | 72 | 72 | 72 |
| 00:30 | AU | Building Permits (MoM) (Sep) | 2.7% | 2.4% | -0.9% |
|
| 00:30 | AU | Retail Sales Trend (MoM) (Sep) | -0.2% | 0.5% | 0.7% |
|
| 02:30 | JP | BoJ's Governor Shirakawa Speech | ||||
| 08:55 | DE | Purchasing Manager Index Services (Oct) | 50.9 | 52.1 | ||
| 09:00 | EMU | Purchasing Manager Index Services (Oct) | 52.3 | 50.9 | ||
| 09:30 | UK | Purchasing Manager Index Services (Oct) | 55.5 | 55.3 | ||
| 10:00 | EMU | Producer Price Index (YoY) (Sep) | -7.7% | -7.5% | ||
| 10:00 | EMU | Producer Price Index (MoM) (Sep) | -0.3% | 0.4% | ||
| 10:30 | UK | BRC Shop Price Index (MoM) (Oct) | 0% | |||
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