Friday, May 22, 11:39 GMT
U.S. Trading Newsletter
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- All the events of the day in our Economic Calendar
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Forex Blogs
Trading for a living: Topping formation in cable give us a party in Cable (again) at the European opening by David Aranzabal
Today we get a topping formation in cable at the European opening, the price is making new highs every day so we are expecting some corrections. This is the review:
− Topping formation in 60m.
−Price approaches yesterday's high after the Frankfurt open, but fails.
The Advisor Blog: Eur/Usd technicals for today by Valeria Bednarik
Forex Trading Today: AUD/USD and EUR/GBP Looks for Continued Appreciation by Tim Salem
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Live Sessions Schedule
US Session Open
Expert: Ed Ponsi
Start: Fri, May 22, 13:30 GMT
Type of Session: Webinar
Fibonacci Friday
Expert: Andrei Pehar
Start: Fri, May 22, 15:00 GMT
Type of Session: Webinar
| Sponsored by | ||||
| Fri, May 22, 12:00 GMT | US Pre−Market Open  | Ed Ponsi | WBN |  |
| Fri, May 22, 13:00 GMT | FX Market Pulse | Raghee Horner | WBN | |
| Fri, May 22, 13:30 GMT | US Session Open | Ed Ponsi | WBN | |
| Fri, May 22, 15:00 GMT | Fibonacci Friday | Andrei Pehar | WBN | |
Current Session: Europe − U.S.
Daily Trading Forecast − Another resistance, 1.3900, has been successfully broken by Swiss e Trade AG
Another resistance point in the pair, 1.3900, has been successfully broken in early European trading, with the market currently at 1.3950. But this uptrend is so overheated (overbought) now, that downward corrections should be anticipated today, probably to the 1.3850 level.
GBP/USD
Market Session Recaps − Sterling was largely unresponsive to this morning's Q1 GDP by FOREX.com
Sterling was largely unresponsive to this morning's second estimate of Q1 GDP. The estimate remains at −1.9% q/q. Technically, while cable remains above GBP/USD1.5520 it is in an uptrend, but going forward the fundamental picture is less secure.
USD/JPY
Forex: USD/JPY: Dollar, fails to break above 94.25 by FXstreet.com
The Dollar has failed on its attempt to break resistance level at 94.25 on its rebound from 2−months low at 93.85, and the pair has returned to levels around 94.20.
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
Canada RETAIL SALES
| Date (GMT) | Event | Cons. | Previous | |
| May 22 | 12:30 | Retail Sales ex Autos (MoM) | -0.1% | 0.6% |
| May 22 | 12:30 | Retail Sales (MoM) | 0.5% | 0.2% |
Currency Trading News - Canadian Dollar Tests Elliott Guideline Resistance (USDCAD Support) by DailyFX
Big picture, there are 5 waves up from the 2007 low of .9050. The decline from 1.3068 is the correction (either a b wave of a 2nd wave) of that advance. The first level of potential support is the former 4th wave extreme at 1.1459. Fibonacci support is then at 1.1060 and 1.0590.
[ Full Story ]Currency Trading Majors Pairs - USD vs CAD − Daily Chart by Master The Markets
Top Market Movers Review
UK GROSS DOMESTIC PRODUCT
| Date (GMT) | Event | Actual | Cons. | Previous | |
| May 22 | 08:30 | Gross Domestic Product (QoQ) | -1.9% | -1.9% | -1.9% |
| May 22 | 08:30 | Gross Domestic Product (YoY) | -4.1% | -4.1% | -4.1% |
DATA SNAP: UK 1Q GDP Unrevised, Household Spending −1.2% QQ (Dow Jones)
The U.K. economy contracted by an unrevised 1.9% in the first quarter of 2009 from the final three months of 2008, and by 4.1% compared with a year earlier, the Office for National Statistics said Friday.
[ Full Story ]- Read the GDP data at UK Statistics
- UK QoQ GDP down 1.9% in 1Q, −4.1% YoY (FXstreet.com)
- UK GDP drops 1.9% in the 1Q, unrevised; Pound, slightly down (FXstreet.com)
Friday Notes - UK, GDP Widespread weakness by UniCredit Group
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| May 22 | 04:00 | JP | BoJ Interest Rate Decision | 0.1% | 0.1% | 0.1% |
| 05:00 | JP | Coincident Index (Mar) | 85.1% | 84.9% |
||
| 05:00 | JP | Leading Economic Index (Mar) | 76.3 | 76.6 | ||
| 08:30 | UK | Gross Domestic Product (QoQ) (1Q)  | -1.9% | -1.9% | -1.9% | |
| 08:30 | UK | Gross Domestic Product (YoY) (1Q) | -4.1% | -4.1% | -4.1% | |
| 08:30 | UK | Index of Services (Mar) | -1.2% | -1.2% | -1.3% |
|
| 12:30 | CA | Retail Sales (MoM) (Mar) | 0.5% | 0.2% | ||
| 12:30 | CA | Retail Sales ex Autos (MoM) (Apr) | -0.1% | 0.6% | ||
| 18:00 | US | Fed's Bernanke Speech | ||||
| May 24 | 23:50 | JP | All Industry Activity Index (MoM) (Mar) | -2% | ||
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