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Forex Trading Signal 12/10/08

Discussion in 'Current Forex Trading Signals' started by Crazy Cat, Dec 10, 2008.

  1. Crazy Cat

    Crazy Cat Former FPA Special Consultant

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    Hi there my Forex friend :)

    Let's first review what happened on Tuesday.

    We had a few important things coming out. At 4:30 a.m. we had UK Industrial Production coming out which came out much lower than expected. GBP/USD spiked down by over 30 pips but the price action right before the report was quite weird. Trading against this number would work pretty well.

    Then we had German ZEW which came out much better than expected. I made a few pips on the spike but the price action was quite weird too. Quite honestly, I expected bigger retracement on this.

    Let's talk about Wednesday.

    1. Wednesday, December 10, 2008 (7:30 p.m. New York Time) AUSTRALIA
    The only tradable report will be Australian Employment Change which is expected to come out at -15K. Last week we had a 40 pip move on a +43K deviation, but it only held up for 5-10 minutes before dying out. On this one, I would say look for weak price action heading into the number, then plan to trade against the number as the spike sputters out. If it comes out at 15K or better, I would buy AUD/USD for a quick spike trading. If it comes out at -45 K or more negative, I would sell AUD/USD for a quick spike trading. Watch out for the unemployment rate. Higher unemployment is bad for the AUD, and lower unemployment is good for AUD. A deviation of +/- 0.2 or higher may move AUD/USD as well.

    That's all for Wednesday.

    Stay safe, make a lot of pips, and have a great trading day!

    To Our Success!
    -Crazy Cat && Sir Pip
     

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