Wednesday, Oct 29, 12:10 GMT
U.S. Trading Newsletter
To Get Started
- Webinar Videos: MONTHLY WEBINAR: Learning to Read Price Action by Chris Capre
- All the events of the day in our Economic Calendar
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The ITC has started!
The second edition of FXstreet.com's International Traders Conference started a few hours ago...
Excitement, stress and last minute details are the 3 ingredients of this morning.
Dirk Du Toit, author of Bird Watching in The Lion Country, is the speaker who inaugurated the conference with a speech about Stop those stop losses: A common sense approach to risk management.
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Forex Blogs
Forex Trading Today: ...And what a Breakout it Was!... by Tim Salem
Yesterday, we were discussing a few components of how I approach some basic analysis with a couple of the Yen Crosses. The flight to quality and safe haven aspects of the Yen and the Dollar had given us some deeply strong downtrends to work with, and we were looking at selling into strength in a coiling range. But first...
FX Market Readings: European session expected moves... by Dr. S. Sivaraman
Live Sessions Schedule
Main Fundamental theme in the Currency Market
Expert: John Kicklighter
Start: Wed, Oct 29, 13:00 GMT
Sponsored by: 
Type of Session: Webinar
Dan Blystone's Daily Briefing
Expert: Dan Blystone
Start: Wed, Oct 29, 16:00 GMT
Type of Session: Webinar
| Sponsored by | ||||
| Wed, Oct 29, 13:00 GMT | Main Fundamental theme in the Currency Market | John Kicklighter | WBN | |
| Wed, Oct 29, 15:00 GMT | Institutional Trading Strategies  | Andrei Pehar | WBN |  |
| Wed, Oct 29, 16:00 GMT | Dan Blystone's Daily Briefing | Dan Blystone | WBN | |
| Wed, Oct 29, 17:30 GMT | Live Coverage of FOMC US Interest Rate Announcement | Jerry Furst | WBN |  |
Current Session: Europe − U.S.
EUR/USD
Daily Technical Strategist − EURUSD: Enters Into A Corrective Mode, Targets The 1.3005/58 Area by FXTechstrategy
Nearer term consolidation to corrective phases now seen in the entire G10 currency complex and our own 7−currency model analysis now suggest that EUR should head further higher towards the 1.3005/58 area, its Oct 23'08 high/.618 Ret (0.8231−1.6038 rally, monthly chart) following its corrective bounce off the 1.2330 level Tuesday. We should see a cap at the 1.3005/58 area or even the 1.3259 level followed with the pair turning south again in alignment with its broader medium term weakness. In the meantime, loss of price momentum from the current upmove if seen is expected to target the 1.2728 level, its Oct 22'08 low with a failure of there setting the stage for a decline towards the 1.2484 level, its Oct 06 low and then its Jan/April'06 highs at 1.2334/24.
Dow Theory principles by Valeria Bednarik, analyst and foreign manager at MolFX - Management
Trend Trading - Part 1: Elements of Trend Trading in FX and Futures Markets by Don Wilcox, Forex News Analyst Trade The News
Check out how pairs moved: Live Currency Rates & Charts
Other Topics for This Session
Daily Analysis - Federal Reserve may cut rate today to 1% on signs of a weak-economy by Finotec Group Inc.
Daily Trading Forecast - EUR, GBP Sitting on Good Support Now by Swiss e Trade AG
- EUR/USD
- Continues to moves downward with low volatility. Support is seen at 1.2330 while resistance is seen at 1.2718.
10/29/2008 11:58 GMT - GBP/USD
- Slides gradually with moderate volatility. Immediate support is seen at 1.5386. MAs are declining gradually.
10/28/2008 14:28 GMT - USD/CHF
- Moves upward with low volatility. Support is seen at 1.1582 while resistance is at 1.1750.
10/28/2008 14:27 GMT - USD/JPY
- Continues to move downward with low volatility Support is seen at 91.81. Intraday resistance is seen at 94.91.
10/28/2008 14:21 GMT
Analyst Sentiment Index (ASI)
Analysts Sentiment Index - EUR/USD
**Source : ActionForex.com, CMS Forex, Danske Bank A/S, FXstreet.com, GFT (Global Forex Trading), Mizuho Corporate Bank
[ View ASI page ] [ View EUR/USD page ]
Charting the Market Movers
EUR USD, Hourly
GBP USD, Hourly
Top Market Movers Preview
US DURABLE GOODS ORDERS
| Date (GMT) | Event | Cons. | Previous | |
| Oct 29 | 12:30 | Durable Goods Orders | -0.9% | -4.5% |
| Oct 29 | 12:30 | Durable Goods Orders ex Transportation | -1.5% | -3.0% |
US economic indicators - Durable goods orders (Sep): no rebound after plummeting in August by BHF−Bank
Durable goods orders plummeted by 4.5% mom in August, dampened by the Boeing strike and lower demand for vehicles, but orders ex transportation also declined sharply by 3.0% mom.
[ Full Story ]US FED INTEREST RATE DECISION
| Date (GMT) | Event | Cons. | Previous | |
| Oct 29 | 18:15 | Fed Interest Rate Decision | 1.0% | 1.5% |
FOMC: Preview of policy meeting by Danske Bank A/S
Tomorrow at 19:15 CET the Federal Open Market Committee (FOMC) is set to announce its policy rate decision. Sentiment in global equity markets continues to be very negative and the improvement in USD money market rates has slowed to a snail's pace since Thursday.
[ Full Story ]- EURO GOVT−Short−end outperforms on rate cut hopes (Thomson Financial News)
- GLOBAL MARKETS−Rate cut hopes, bargain hunting boost stocks (Thomson Financial News)
Weekly Forex Market Commentary - On Wednesday, odds are split whether the FOMC meeting will result in another rate cut by GFT (Global Forex Trading)
Market Session Snap−Shot - Asian Session − Waiting on the FOMC by ACM − Advanced Currency Markets
Top Market Movers Review
UK MORTGAGE APPROVALS
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Oct 29 | 09:30 | Mortgage Approvals | 33K | 32K | 32K |
INSTANT VIEW 5−UK mortgage approvals tick up in Sept (Thomson Financial News)
British mortgage approvals for house purchase inched up in September for the first time in more than a year, after hitting a record low hit in August, the Bank of England said on Wednesday.
[ Full Story ]- Read the Mortgage approvals data at BoE
- UPDATE 1−UK mortgage approvals edge up in Sept after record low (Thomson Financial News)
- UK mortgage approvals edge up in Sept after record low (Thomson Financial News)
- DATA SNAP: UK Net Mortgage Lending, Approvals Recover In Sep (Dow Jones)
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| Oct 29 | 00:00 | ES | International Traders Conference (ITC) | |||
| 09:30 | UK | M4 Money Supply (YoY) (Sep) | 12.4% | 12.2% |
||
| 09:30 | UK | M4 Sterling Lending (Sep) | £33.1B | £23.4B | ||
| 09:30 | UK | Net Consumer Credit (Sep) | £0.3B | £1.1B | £1.1B |
|
| 09:30 | UK | Net Lending to Individuals (Sep) | £2.4B | £0.4B |
||
| 11:00 | US | MBA Mortgage Applications (Oct 24) | 16.8% | -16.6% | ||
| 12:30 | US | Durable Goods Orders (Sep) | -0.9% | -4.5% | ||
| 12:30 | US | Durable Goods Orders ex Transportation (Sep) | -1.5% | -3.0% | ||
| 18:15 | US | Fed Interest Rate Decision | 1.0% | 1.5% | ||
| 21:45 | NZ | Building Permits (MoM) (Sep) | -7.9% | |||