Forex Trading Signal 06/30/08

Forex Trading Signal 06/30/08 - Today, 04:46 AM
Hi there my friend

Let's first review what happened on Friday.

At 4:30 a.m. we had UK GDP coming out. The q/q number came out lower by 0.1 than expected, and the y/y came out lower by 0.2 than expected. However, there was a big conflict with Current Account which came out -8.4 versus -12.1 expected. GBP/USD spiked down by 30 pips and retraced within 20 seconds or so, and then it went the other way.

At 8:30 a.m. we had a few U.S. reports. U.S. Personal Income came out much higher than expected, Personal Spending a little higher than expected and Core PCE lower than expected. USD/JPY went up 20 pips at most, and then retraced by 100%.

Let's talk about Monday.

1. Monday, June 30th, 2008 (8:30 a.m. New York Time) CANADA
At 8:30 a.m. we will have Canadian GDP which is expected to come out at 0.3%. I usually recommend trading 0.3 deviation but 0.2 deviation from last month cause a great move of 60 pips on USD/CAD. If it comes out at 0.1% or lower, I would buy USD/CAD and expect 40 pips move. If it comes out at 0.5% or higher, I would sell USD/CAD and expect 40 pips move as well.

2. Monday, June 30th, 2008 (9:42 a.m. New York Time) USA
At 9:45 a.m. we will have Chicago PMI; however, some traders can get that number at 9:42 a.m. If you are not able to get it at 9:42, I would not trade it. If you are able to get that number at 9.42 a.m., I would buy USD/JPY if it comes out at 52.0; if it comes out at 44.0 or lower, I would sell USD/JPY - in either case I would look for 30 pips move.

That's all for Monday.

Thank you and good luck with your trades.

To Our Success!