Tuesday, Jul 07, 11:06 GMT
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Forex Blogs
Forex Trading Today: RBA Holds The Cash Rate As Price Remains Rangebound by Tim Salem
As we had expected, The RBA Holds their Overnight Rate @ 3.0% favoring their effective 3−Month Policies of Late, although a hint at further Easing may be needed during their "Wait and See" Policy Shifts. Price simply moves back into It's Range between the .7950's "Transitive Rollover" Support and the Key .8000 Daily Static Resistance Range.
FX Market Readings: Dip to rise very big by Dr. S. Sivaraman
Chartology: I haven’t been trading longer term intraday charts but… by Raghee Horner
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Live Sessions Schedule
The Weather Report: Ichimoku Cloud Trading
Expert: Chris Capre
Start: Tue, Jul 7, 14:00 GMT
Type of Session: Webinar
Trading Around Your Day Job
Expert: Ryan O'Keefe
Start: Tue, Jul 7, 15:00 GMT
Type of Session: Webinar
| Sponsored by | ||||
| Tue, Jul 7, 09:00 GMT | Trading the Harmonic patterns  | Sunil Mangwani | WBN |  |
| Tue, Jul 7, 12:00 GMT | US Pre−Market Open | Ed Ponsi | WBN |  |
| Tue, Jul 7, 12:30 GMT | Can we make money in these slow markets? | Adam Rosen | WBN | |
| Tue, Jul 7, 13:30 GMT | US Session Open | Ed Ponsi | WBN | |
Current Session: Europe − U.S.
Euro long−term objectives could see it go further down against US dollar
Finotec Group Inc. − Jean Claude Trichet said he's concerned that a lack of coordination of economic policy around the world will allow the imbalances that led to the financial crisis to persist. "There is a very big danger that major countries internalize their problems, if we return to a picture of internal and external deficits that led to this crisis, we'll have the recipe for a new crisis." Technical analysis shows us the euro may continue its downtrend against U.S. dollar as MACD gives us a crossover with signal line . RSI breaks 70% level downwards. Bollinger gives us a bearish signal by closing the candle below the middle band.
EUR/USD
EUR/USD could fall to 1.2580 in the following three months − Commerzbank by FXstreet.com
Commerzbank forecasts EUR/USD to move between 1.2580 – 1.4390 in the next three months, with a negative short term below 1.4200 to falls close to 1.3600 in three next weeks.
USD/JPY
Attempt shorts at 95.35, adding to 96.00; stop well above 96.25 by Mizuho Corporate Bank
Pity it didn't close below 95.00 yesterday as this would have seen bearish pressure increase. Expect more consolidation neatly below the lower edge of the Ichimoku ‘cloud' and the moving averages today, above trendline support.
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 ABC/WASHINGTON POST CONSUMER CONFIDENCE
| Date (GMT) | Event | Cons. | Previous | |
| Jul 7 | 21:00 | ABC/Washington Post Consumer Confidence | -50 | -51 |
US economic indicators - ABC consumer comfort poll is on a relatively low level by BHF−Bank
The Conference Board's consumer confidence deteriorated markedly, but the University of Michigan's (UMI) consumer sentiment increased again in June, albeit only modestly. However, expectations were already slightly lower than in May. In addition, the ABC consumer comfort poll is on a relatively low level, gasoline prices have risen by almost $1 per gallon since the beginning of the year, and the stock market recovery has stalled.
[ Full Story ]Top Market Movers Review
Germany FACTORY ORDERS S.A.
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Jul 7 | 10:00 | Factory Orders n.s.a. (YoY) | -29.4% | -31.2% | -37.1% |
| Jul 7 | 10:00 | Factory Orders s.a. (MoM) | 4.4% | 0.6% | 0.1% |
DATA SNAP: German May Manufacturing Orders Beat Expectations (Dow Jones)
German manufacturing orders rose by much more than expected in May from April on a sharp rebound in foreign demand for German tools, data from the Economics Ministry showed Tuesday.
[ Full Story ]- UPDATE: German May Manufacturing Orders Beat Expectations (Dow Jones)
- Germany May Factory Orders up 4.4%, −29.4% YoY (FXstreet.com)
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| Jul 7 | 08:30 | UK | Industrial Production (MoM) (May) | -0.6% | 0.2% | 0.2% |
| 08:30 | UK | Industrial Production (YoY) (May) | -11.9% | -11.3% | -12.4% |
|
| 08:30 | UK | Manufacturing Production (MoM) (May) | -0.5% | 0.1% | 0.0% |
|
| 08:30 | UK | Manufacturing Production (YoY) (May) | -12.7% | -11.8% | -13.2% |
|
| 10:00 | DE | Factory Orders n.s.a. (YoY) (May) | -29.4% | -31.2% | -37.1% | |
| 10:00 | DE | Factory Orders s.a. (MoM) (May) | 4.4% | 0.6% | 0.1% |
|
| 12:30 | CA | Building Permits (MoM) (May) | 0.9% | -5.4% | ||
| 14:00 | CA | Ivey Purchasing Managers Index (Jun) | 50.4 | 48.4 | ||
| 20:30 | US | API Crude Oil Inventories (Jul 3) | -6.8M | |||
| 21:00 | US | ABC/Washington Post Consumer Confidence (Jul 5) | -50 | -51 | ||
Educational Resources
Using swing breakouts in forex trading
This article is taken from the Forex Journal (May 2009 issue). The author, Doug Schaff, has traded the Forex markets for close to 30 years. Doug Schaff discusses the use of intermediate swing highs and swing lows to develop a shortterm approach to trading the currency markets. Read the article!
Other Articles of the Forex Journal
Timely Advice from a Pro Trader by Johan Kriek
Leash in Retracements with Arcs by Cornelius Luca