Forex Trading Signal 07/09/08

Forex Trading Signal 07/09/08 - Today, 05:41 AM
Hi there my Forex friend

At 8:00 a.m. we had Bernanke Speech. There was not much reaction on EUR/USD on his comments although it seems the market appreciated his speech. Please watch the video for more details if you are interested.

At 10:00 a.m. U.S. Pending Home Sales came out low but we saw very little reaction on USD/JPY - just only 20 pips move and then we had price reversal.

That's all for Tuesday, nothing was going on.

Let's talk about Wednesday.

1. Wednesday, July 9th, 2008 (4:30 a.m. New York Time) UK
At 4:30 a.m. we will have UK Trade Balance. This is not tradable. Even with a big deviation last year it failed to perform.

2. Wednesday, July 9th, 2008 (5:00 a.m. New York Time) EURO ZONE
At 5:00 a.m. we will have GDP out of Euro zone. I am not expecting any big moves on it and I will skip it as well.

3. Wednesday, July 9th, 2008 (10:35 a.m. New York Time) USA
At 10:35 a.m. we will have Crude Oil Inventories coming out of U.S. It is expected to come out at -2100 K. If it comes out at 0 or positive, that would move a stock market amy go up and U.S. dollar may appreciate so EUR/USD or GDP/USD should go down by about 20 pips, and USD/JPY may go up by 20 pips. If it comes out low at -4000K or more negative, USD/JPY may go down and EUR/USD and GBP/USD may go up by about 20 pips. Make a good judge which pair to trade before the news.

4. Wednesday, July 9th, 2008 (9:30 p.m. New York Time) AUSTRALIA
At 9:30 p.m. we will have Australian Employment Change coming out. It is expected to come out at +10K. If it comes out at -5K or more negative, I would sell AUD/USD and look for about 40 pips price action. If it comes out at +25K or higher, I would buy AUD/USD and look for 40 pips price action as well. Please watch the video for more details.

That's all for Wednesday.

Thank you and good luck with your trades.

To Our Success!