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A simple trading strategy using the 200MA
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Start: Thu, Mar 8, 15:00 GMT
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Current Session: Europe - U.S.
USD/JPY
The Word of Majors - EUR: The market is bouncing off the key 1.3065 level by FXstreet.com
The pop higher looks to be topping out at the first upside Fibonacci level at 116.82. Prices did make it to 116.90 but that is where the correction higher fizzled out. Failing to rally above it calls for an attempt to break below 115.16, which will then open the way for a decline to the 114.44 to 114.00 area. This first sign that this is happening comes below 116.20. On the upside, taking out 116.90 will extend the correction higher to 117.84.
- Take a look at Tony Juste's latest technical comments
- Check out how the currency moved on Live Currency Rates & Charts at FXstreet.com
- Follow up the most relevant Economic Data in the new Real Time Economic Calendar
- Be up to date with the Latest Forex News
Other Topics for this Session:
Daily Outlook - EUR/USD: Long position from 1.3108, stop loss - 1.3070, target - 1.3160 by Karoll
USD/JPY Daily Outlook - USD/JPY Daily Outlook by AceTrader
Global FX Daily - European Edition - An extension of yesterday’s JPY weakness could be seen today by Mellon Foreign Exchange
Majors at a Glance
- EUR/USD
- Continues to trade around 1.3125
03/07/2007 11:30 GMT - GBP/USD
- Moves down below 1.9300
03/07/2007 11:30 GMT - USD/CHF
- Trades around 1.2230
03/07/2007 11:31 GMT - USD/JPY
- Continues to trade around 116.40
03/07/2007 11:31 GMT
Analyst Sentiment Index (ASI)
Analysts Sentiment Index - GBP/USD
**Source : CMS Forex, Danske Bank A/S, FXstreet.com, Global Forex Trading Ltd. , Mizuho Corporate Bank
[ View ASI page ] [ View GBP/USD page ]
Charting the Market Movers
EUR USD, Hourly
GBP USD, Hourly
Top Market Movers Preview
US FED'S BEIGE BOOK
| Date (GMT) | Event | Cons. | Previous | |
| Mar 7 | 19:00 | Fed's Beige Book | - | - |
The Week Ahead - ISM Services, Productivity, Beige Book and Nonfarm Payrolls by BBVA Bancomer
Qualitative assessments compiled in the Beige Book will be useful to enrich our perspectives on first quarter’s economic outlook. Considering the most recent activity indicators, the Beige Book will probably stress a decline in manufacturing activity (especially in the auto industry) and continuous growth in retail sales though at a moderate pace.
[ Full Story ]Top Market Movers Review
Germany FACTORY ORDERS S.A.
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Mar 7 | 11:00 | Factory Orders s.a. (MoM) | -1.0% | 0.4% | 0.7% |
| Mar 7 | 11:00 | Factory Orders s.a. (YoY) | 7.8% | 6.7% | 1.7% |
German Jan manufacturing orders down 1.0 pct vs Dec; weaker than expected (AFX News)
German manufacturing orders were weaker than expected in January, dropping a seasonally-adjusted 1.0 pct from December, according to preliminary data from the Ministry of Economics and Technology. Economists polled by AFX News had predicted new orders would remain flat month-on-month.
[ Full Story ]- German Economics Ministry homepage
- German factory orders drop due to weak foreign demand (FXstreet.com)
- DATA SNAP: German Jan Manufacturing Orders Drop 1.0% On Mo (Dow Jones)
- Germany Factory Orders s.a. (MoM) declines to -1% in Jan from -0.7% (FXstreet.com)
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| Mar 7 | 01:30 | JP | Bank of Japan Deputy Governor Iwata Speaks at Financial Meeting | |||
| 05:00 | JP | Leading Indicator Index (Jan)  | 35.0 | 35.0 | 37.5 | |
| 11:00 | DE | Factory Orders s.a. (MoM) (Jan) | -1.0% | 0.4% | 0.7% |
|
| 11:00 | DE | Factory Orders s.a. (YoY) (Jan) | 7.8% | 6.7% | 1.7% | |
| 18:00 | US | Chicago Fed President Moskow Speaks | ||||
| 19:00 | US | Fed's Beige Book | ||||
| 20:00 | NZ | RBNZ Rate Decision | 7.50% | 7.25% | ||
| Mar 8 | 06:45 | CH | Consumer Price Index (YoY) (Feb) | 0.1% | 0.1% | |
| 11:00 | DE | Industrial Production s.a. (MoM) | 0.3% | -0.5% | ||
| 11:00 | DE | Industrial Production s.a. w.d.a. (YoY) (Jan) | 6.1% | 5.2% | ||