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Forex Trading Signal 04/07/09

Discussion in 'Current Forex Trading Signals' started by Crazy Cat, Apr 7, 2009.

  1. Crazy Cat

    Crazy Cat Former FPA Special Consultant

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    Hey Folks,

    Due to the AU Interest Rates coming out when I'm usually working on the video, I decided to just put out a text based signal tonight so I can get it out in a more timely manner. We saw a nice selloff in stocks, and the EUR/USD yesterday that was quite a bit overdue. Things could extend deeper, but remember, as far as risk appetite is concerned, we need to be in more of a "buy on dips" mode for the next couple of months, so I recommend continuing to take shorter term momentum and support/resistance plays for tomorrow. The 3320 low yesterday may help provide short term support as there is also a supporting trendline coming up off the 3hr chart. A significant break of 3320 should see continuation to 3250 fibo, but otherwise, I'd look to buy in the low to mid 1.3300's.

    On news yesterday CAD Ivey was too close to expectations to trade, and AU Interest rates came in low which should have been a clear sell, but the combination of the report being obviously leaked and very positive follow-up commentary from the RBA created a nasty whipsaw. For the rest of Tuesday:

    0430 UK Industrial Production (-1.2% expected) - I'd be careful on the sell side after the news. Even when there is a nice downtrend, bad numbers often create a quick 25-40 pip selloff and a profit taking reversal.
    If it comes out at -0.7% or higher, GBP/USD should be good for a 30-40 pip long
    If it comes out at -1.7% or lower, I would avoid look for only a small downside profit, or look to buy that 25-40 point dip reversal we've seen after the bad numbers the last 2 months.

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