Tuesday, July 8, 2008
at
12:25
|
Let's first review what happened on Monday.
At 4:30 a.m. we had UK Industrial Production which came out much lower than expected: -0.8% versus -0.1%. At that time GBP/USD was oversold y 120 pips so the spike itself was not big. Eventually it moved more pips but this was very creepy to trade.
At 6:00 a.m. we had German Industrial Production which came out -2.4 versus 0.3 expected. It was a huge deviation, and EUR/USD moved by about 30 pips but it also retraced by over 100%. I was watching it live but I did not trade it.
At 8:30 a.m. we had Canadian Building Permits which came out at 1.1% versus -5.8% expected. We should see some positive price action but what we saw was just 10 pips. It seems this indicator is pretty much dead.
Let's talk about Tuesday.
1. Tuesday, July 8th, 2008 (8:00 a.m. New York Time) USA
At 8:00 a.m. Bernanke will be speaking. They are expecting him to be hawkish so any good confirmation of this tone should be U.S. dollar supportive and you should see EUR/USD and GBP/USD going down. If he is more neutral, we can easily see a lot of strength on EUR/USD or GBP/USD. Don't trade it if you are new in Forex, and for more details please watch the video.
2. Tuesday, July 8th, 2008 (10:00 a.m. New York Time) USA
At 10:00 a.m. we will have U.S. Pending Home Sales which is the least tradable Home Indicator. I will not be trading it.
At 4:30 a.m. we had UK Industrial Production which came out much lower than expected: -0.8% versus -0.1%. At that time GBP/USD was oversold y 120 pips so the spike itself was not big. Eventually it moved more pips but this was very creepy to trade.
At 6:00 a.m. we had German Industrial Production which came out -2.4 versus 0.3 expected. It was a huge deviation, and EUR/USD moved by about 30 pips but it also retraced by over 100%. I was watching it live but I did not trade it.
At 8:30 a.m. we had Canadian Building Permits which came out at 1.1% versus -5.8% expected. We should see some positive price action but what we saw was just 10 pips. It seems this indicator is pretty much dead.
Let's talk about Tuesday.
1. Tuesday, July 8th, 2008 (8:00 a.m. New York Time) USA
At 8:00 a.m. Bernanke will be speaking. They are expecting him to be hawkish so any good confirmation of this tone should be U.S. dollar supportive and you should see EUR/USD and GBP/USD going down. If he is more neutral, we can easily see a lot of strength on EUR/USD or GBP/USD. Don't trade it if you are new in Forex, and for more details please watch the video.
2. Tuesday, July 8th, 2008 (10:00 a.m. New York Time) USA
At 10:00 a.m. we will have U.S. Pending Home Sales which is the least tradable Home Indicator. I will not be trading it.
Posted by
bugatti's way
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