Thursday, May 21, 11:04 GMT
U.S. Trading Newsletter
To Get Started
- NEW: Live Webinars during the Asian Trading Session: Markets Commentaries at 5 and 6 GMT. Check our schedule!
- Learning Center: Chapter 4 of Unit A is now online: Trade the facts: consider price action. Read it now!
- Webinar Videos: Conquering Fear and Greed: How to Deal With Emotions When Trading by Markus Heitkoetter
- All the events of the day in our Economic Calendar
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Forex Blogs
FX Market Readings: A typical downward extended stop hunt in GBP before further rise by Dr. S. Sivaraman
GBP after cutting the high 1.5813 was holding near high during start of the European session.Then the event of rating is used as trigger to make an extended stop hunt to 1.5517 and then in less than 30 min the recovery to 1.56 area was done.
Trading for a Living: Greenback Falls For Third Day by David Aranzabal
Forexology: Managing the Wolfe Wave by Sunil Mangwani
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Live Sessions Schedule
MONTHLY WEBINAR: Part 1 − Day Trading The US Forex Session
Expert: Steve Misic
Start: Thu, May 21, 13:00 GMT
Type of Session: Webinar
| Sponsored by | ||||
| Thu, May 21, 13:00 GMT | MONTHLY WEBINAR: Part 1 − Day Trading The US Forex Session | Steve Misic | WBN |  |
| Thu, May 21, 15:00 GMT | MONTHLY WEBINAR: Part 2 − Building a Mechanical Forex Trading System  | Steve Misic | WBN | |
| Fri, May 22, 05:00 GMT | Asia−Pacific Trading Webinar | Abdul Khan | WBN | |
| Fri, May 22, 09:00 GMT | Advanced APF Methods To Determine The Price Momentum | Sunil Mangwani | WBN |  |
Current Session: Europe − U.S.
GBP/USD: Pound Picks up and approaches 1.5700 from 1.5511 low
FXstreet.com −The Pound is picking up strength after S&P outlook's blow, and from intra−day low at 1.5511, the Pound has bounced to prices right below 1.5700, after S&P affirmed the UK is not on CreditWatch.
Immediate resistance level could be at 1.5700, and above there, probably previous intra−day low at 1.5730 and 1.5817 (6−month high). On the downside, support level lies at intra−day low at 1.5510 and below there, 1.5450 (May 20 low), and 1.5370 (Jan 8 high).
USD/JPY
Currency on the Day − Forex: USD/JPY: Dollar tests 95.10 resistance level by FXstreet.com
Recovery from 94.25 low in Asian session has picked up strength on European session times and the Dollar has risen to test resistance level at 95.10, May 14 low.
EUR/USD
EUR/USD: Euro returns to 1.3800 after Pound−related shakedown by FXstreet.com
The Euro has returned to levels around 1.3800 after having spiked down to 1.3740 on the back of the Pounds slump after news of S&P rating outlook for the UK.
Analyst Sentiment Index (ASI)
Analysts Sentiment Index - EUR/USD
**Source : ActionForex.com, CMS Forex, Danske Bank A/S, FXstreet.com, i-knowindices.com, Mizuho Corporate Bank, MolFX - Management
[ View ASI page ] [ View EUR/USD page ]
Charting the Market Movers
EUR USD, Hourly
GBP USD, Hourly
Top Market Movers Preview
US LEADING INDICATORS
| Date (GMT) | Event | Cons. | Previous | |
| May 21 | 14:00 | Leading Indicators (MoM) | 0.8% | -0.3% |
US economic indicators - Leading indicators (Apr): sharp rise mainly due to stock market recovery by BHF−Bank
The last time leading indicators rose was in June 2008, but in April they could have increased significantly by at least 0.8% mom: The stock market rebound will have been the biggest positive contributor, followed by the steeper yield curve, consumer expectations, manufacturing working hours, supplier deliveries, jobless claims and, presumably, building permits.
[ Full Story ]Top Market Movers Review
UK RETAIL SALES
| Date (GMT) | Event | Actual | Cons. | Previous | |
| May 21 | 08:30 | Retail Sales (MoM) | 0.9% | 0.5% | 1.1% |
| May 21 | 08:30 | Retail Sales (YoY) | 2.6% | 2.4% | 0.9% |
DATA SNAP: UK Apr Retail Sales Beat Expectations Again (Dow Jones)
U.K. retail sales were above expectations again in April, as consumers continued to show resilience in the face of deepening recession, the Office for National Statistics said Thursday.
[ Full Story ]- UPDATE: UK Apr Retail Sales Beat Expectations Again (Dow Jones)
- United Kingdom Apr Retail Sales rise 0.9% in April; 2.6% year on year (FXstreet.com)
FX Daily Update - Is the Pound A Victim of Over Confidence? by SpikeCharts
Friday Notes - UK, retail sales: Resilience continues by UniCredit Group
EMU PURCHASING MANAGER INDEX MANUFACTURING
| Date (GMT) | Event | Actual | Cons. | Previous | |
| May 21 | 08:00 | Purchasing Manager Index Manufacturing | 40.5 | 38.4 | 36.8 |
| May 21 | 08:00 | Purchasing Manager Index Services | 44.7 | 44.6 | 43.8 |
DATA SNAP: Euro−Zone Economic Decline Slows Again In May (Dow Jones)
The euro zone's economic contraction moderated further in May as both manufacturers and service sector companies reported smaller− than−expected declines in activity, data showed Thursday.
[ Full Story ]- Markit Economics homepage
- UPDATE:Euro−Zone Economic Contraction Moderates Again In May (Dow Jones)
- EU May Services PMI up to 44.7 vs 43.8 (FXstreet.com)
- EU PMI Manufacturing rises to 40.5 in May from 36.8 (FXstreet.com)
EMU economic indicators - PMI manufacturing indices Germany and EMU (May): improvement by BHF−Bank
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| May 21 | 08:30 | UK | M4 Money Supply (MoM) (Apr)  | 0.1% | 0.5% | 0.3% |
| 08:30 | UK | Public Sector Net Borrowing (Apr) | £8.5B | £7.4B | £18.2B |
|
| 08:30 | UK | Retail Sales (MoM) (Apr) | 0.9% | 0.5% | 1.1% |
|
| 08:30 | UK | Retail Sales (YoY) (Apr) | 2.6% | 2.4% | 0.9% |
|
| 08:30 | UK | Total Business Investment (QoQ) (1Q) | -5.5% | -4.0% | -1.5% | |
| 08:30 | UK | Total Business Investment (YoY) (1Q) | -6.8% | -5.9% | -4.5% | |
| 12:30 | US | Continuing Jobless Claims (May 9) | 6650K | 6560K | ||
| 12:30 | US | Initial Jobless Claims (May 16) | 630K | 637K | ||
| 12:30 | CA | Wholesale Sales (MoM) (Mar) | -0.8% | -0.6% | ||
| 14:00 | US | Leading Indicators (MoM) (Apr) | 0.8% | -0.3% | ||
Educational Resources
A channel is a figure of high reliability, formed by two parallel trend lines at its borders. There are different kinds of channels, but they mostly work the same way. Check Valeria Bednarik's Technical Basic Lesson !
Related Resources
Advanced Indicator Manual - Price Channels by Doug Schaff
Q&A Transcripts - Trading with Bands and Channels by Robert Firestone
Q&A Transcripts - Trading with Channels by Valeria Bednarik