Hi there my Forex friend
There was no signal earlier today because Sir Pips is out of town and I think he will be back on Wednesday.
The truth to be told, there are only a few reports coming out this week that are worthy trading: Australian Employment Change on Wednesday and Canadian Employment Change on Friday.
On Monday we had Canadian Ivey PMI which I just skipped at all. What we got was a BIG up
deviation (+10) and USD/CAD going down just a few pips, and then it reversed and went even higher according to its trend. USD/CAD was clearly on a buy mode and Canadian Ivey could not do anything about it. It was good we skipped this report.
Let's talk about Monday and Tuesday.
1. Monday, October 06th, 2008 (11:30 p.m. New York Time) AUSTRALIA
At 11:30 p.m. we will have Australian Interest Rate. It is expected they will cut the rates by 0.50 (50 bp) from 7.00% to 6.50%. Just last month we had another cut of 0.25 from 7.25% to 7.00%. Will they cut the rates to 6.50% as the market is expecting? I don't know. I am not sure, however, if it would be smart to place any trade on the cut as the market is expecting it so probably 50 bp cut will not give any reliable move on AUD/USD. We would need to see a cut of 0.75 but I don't think we would see that. If we had 0.75% cut, this would be a sell signal on AUD/USD. I would not place a trade on 25 bp cut but I think if they don't cut the rates, it might be a good move to buy AUD/USD and expect 40 pips move (possibly more). The problem is we may also have a commentary and depending what it says, this may move the price greatly - or even reverse. For that reason I don't really want to recommend anything here.
2. Tuesday, October 07th, 2008 (4:30 a.m. New York Time) UK
On Tuesday at 4:30 a.m. we will have UK Industrial Production m/m. It was not a good report past few months so there is no reason to say it should work well tomorrow. For example, in July 2007 we had -0.7 deviation and GBP/USD
spiked down by 35 pips or so to just reverse 100% within next 10 minutes. Perhaps the best way is to trade against it but I would just skip that. I know, we are skipping a lot of reports recently but we can only get what the market gives, and I personally don't think this will give anything.
3. Tuesday, October 07th, 2008 (1:15 and 2:00 p.m. New York Time) USA
At 1:15 p.m. we will have Bernanke speaking so expect some moves on U.S. dollar, and at 2:00 p.m. we will have
FOMC Meeting Minutes. This is not for beginners so if you are new to this, skip it.
That would be all for Monday and Tuesday. Almost nothing.
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Forex Trading Signal 10/06-07/08 -
10-07-2008, 02:48 AM
What is going on with USD/JPY -
10-07-2008, 09:53 AM
Linear Mode
