Wednesday, Nov 18, 08:31 GMT
EUROPEAN Trading Newsletter
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Forex Blogs
FX Market Readings: Mid week −volatile moves by Dr. S. Sivaraman
EURO and GBP made the slide yesterday during early US session and firmed up towards close to open high and hold near high to make upward stop hunt in EURO during japanese session and upward stop hunt in GBP during early European session.So higher level swings are expected during Japanese session.
Chartology: Intraday EUR/USD Rallies Towards 1.4900 by Raghee Horner
FxBootcamp: Forex video - Asian outlook November 18th 2009 by Rob Helean
FXstreet.com FORUM: Share your comments and opinions with fellow traders
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Live Sessions Schedule
Using Fibonacci ratios to manage your trades efficiently
Expert: Sunil Mangwani
Start: Wed, Nov 18, 09:00 GMT
Sponsored by: 
Type of Session: Webinar
FX Instructor Live Trading Room
Expert: Mark De La Paz
Start: Wed, Nov 18, 10:00 GMT
Sponsored by: 
Type of Session: Webinar
| Sponsored by | ||||
| Wed, Nov 18, 09:00 GMT | Using Fibonacci ratios to manage your trades efficiently | Sunil Mangwani | WBN | |
| Wed, Nov 18, 10:00 GMT | FX Instructor Live Trading Room | Mark De La Paz | WBN | |
| Wed, Nov 18, 14:00 GMT | Short term trading strategies  | Valeria Bednarik | WBN |  |
| Wed, Nov 18, 15:00 GMT | Economic and Technical View of the Currency Market | Rob Booker | WBN | |
Current Session: Europe
We might consolidate under this year's high at 1.5064 for another week
Mizuho Corporate Bank − Tricky with yesterday's pullback hinting that we might consolidate under this year's high at 1.5064 for another week. However, moving averages and the Ichimoku ‘cloud' suggest a long position for a break to new highs later on.
Strategy: Attempt small longs at 1.4900; stop below 1.4800. Short term target 1.5000/1.5055, eventually more
GBP/USD
GBP retested 1.6870 levels yesterday and came down to 1.6754 by India Forex Advisors
GBP retested the highs of 1.6870 levels yesterday, however immediately came down to test the lows of 1.6754 levels. Currently it is trying to consolidate below the 100 day Weekly moving average resistance of 1.6880.
GOLD
We have a double top on the short term hourly charts by Charmer Charts.com
If we cannot break back above 1140 this morning take this as a sign of weakness and look for this to come lower back to the 1135 level initially. If this breaks you should look for a return to 1128/27 support.
Analyst Sentiment Index (ASI)
Analysts Sentiment Index - EUR/USD
**Source : FXstreet.com , Deltastock , Financial Trend Analysis , KBC , Mizuho
[ View ASI page ] [ View EUR/USD page ]
Charting the Market Movers
USD JPY, Hourly
GBP USD, Hourly
Event of the Day
US CONSUMER PRICE INDEX
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Nov 18 | 13:30 | Consumer Price Index (YoY) | - | -0.3% | -1.3% |
| Nov 18 | 13:30 | Consumer Price Index (MoM) | - | 0.2% | 0.2% |
US economic indicators - Consumer prices (Oct): another slight increase at the core level by BHF−Bank
Energy prices rose markedly in October, which will have had a major impact on inflation data. Import prices rose 0.7% mom, and we expect producer prices to have gone up by 0.6% mom, and consumer prices by up to 0.3% mom in October.
[ Full Story ]Friday Notes - No inflation pressure in sight by UniCredit Group
Event of the Week
US RETAIL SALES
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Nov 16 | 13:30 | Retail Sales (MoM) | 1.4% | 0.9% | -2.3% |
| Nov 16 | 13:30 | Retail Sales ex Autos (MoM) | 0.2% | 0.4% | 0.4% |
US: Retail Sales Increased in October by Wells Fargo Investments, LLC
Retail sales climbed 1.4 percent after dropping a revised 2.3 percent in September.
[ Full Story ]- Read the Retail Sales data at the Census Bureau
- CURRENCIES: Dollar Decline Continues After U.S. Data (Dow Jones)
- DATA SNAP: US Oct Retail Sales Up More Than Forecast (Dow Jones)
- Dollar edges up on better than expected U.S retail sales (FXstreet.com)
Fundamental News Summary - US Session News Summary by ecPulse.com
US: Discretionary spending leads rebound in retail sales by National Bank of Canada
KBC News Picks - US: retail sales boosted by car sales by KBC Bank
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| Nov 18 | 00:00 | AU | Westpac Leading Index (MoM) (Sep) | 0.9% | 1.3% |
|
| 00:30 | AU | Wage Price Index (QoQ) (3Q) | 0.7% | 0.7% | 0.8% | |
| 00:30 | AU | Wage Price Index (YoY) (3Q) | 3.4% | 3.6% | 3.8% | |
| 06:00 | JP | Machine Tool Orders (YoY) (Oct) | -42.5% | -62.1% | ||
| 08:40 | EMU | ECB Trichet's Speech | ||||
| 09:00 | EMU | Current Account n.s.a (Sep) | -€5B | |||
| 09:00 | EMU | Current Account s.a (Sep) | €0.6B | -€1.3B | ||
| 09:30 | UK | Bank of England Minutes | ||||
| 10:00 | EMU | Construction Output s.a (MoM) (Sep) | -0.4% | |||
| 10:00 | EMU | Construction Output w.d.a (YoY) (Sep) | -10.8% | |||
Educational Resources
When Trading Becomes Gambling...
Can we class trading as gambling? Are these two activities more similar than we think and is profitable trading simply down to a run of luck? Sam Evans will discuss this in detail this week.
Read Sam Evans' article.
Related Resources
Managing Your Trade with ATR by Don Dawson