Forex News Blog
Back to The Headlines
Monday June 12, 2006 - 08:46:22 GMT
Share This Story
ACM - www.ac-markets.com
Euro ends week with a key-reversal
By Marc Spaelti - ACM Senior Trader
Yesterdays News and Events:
Friday remained fairly range-bound, the Dollar could not really cash in on better then expected Trade Balance, but it remained at fairly high levels against all the major currencies.
The EURUSD extended its weekly low to 1.2600 and maintained its 1-week bearish trend with resistance at 1.2660 this morning. Looking at a weekly chart, we notice a bearish key-reversal: Last week has seen a higher high, a lower low and a close beyond the priorâ€™s week low. This is bearish, the Euro must trade lower this week, meaning that next Fridays close will be lower than this mornings opening of 1.2630.
G8 Finance Ministers met in St.Petersburg this weekend. It was a non-event for foreign exchange traders. The Finance Ministers discussed rising energy prices and its impact on the global economy, which is expected to show solid growth.
Todays Key Issues:
UK May PPI data is due shortly, PPI Input is believed to increase by 2% (2.5% in April), PPI Output is up 0.4% (0.6%).
FED Pianalto and Olson will be holding separate speeches this afternoon, the FED is believed to hike rates by 25bp later this month.
US May Federal Budget at 6pmGMT should show an increasing deficit of $40Bln after a $35.4Bln deficit in April.
The Risk Today:
1-H and weekly EURUSD: The Euro is under pressure today, 1-week bearish trend remains intact, the trend-line has fallen to 1.260 this morning, expect to stretch the low into the high 1.25â€™ handle today. A look at the long-term chart shows that after forming a significant top above 1.29, last week has seen a rise to a new high, followed by the lowest close in weeks, this is a key-reversal. It is a clear sign that this week will be bearish, meaning we will close next Friday at a level lower than todayâ€™s opening of 1.2630. Target of the current bearish move is 1.25, the long-term rising trend-line.
Resistance and Support:
|1.8485 T |
|1.8350 K |
|113.40 K |
|S: Strong, M: Minor, T: Trendline, K: Keylevel, P: Pivot |
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."
Elevate Your Trading With The Amazing Trader!
The Amazing Trader includes:
Upgrade Your Trading experience. Try the Amazing Trader
- Actionable trading levels delivered to YOUR charts in real-time.
- Live trading strategy sessions.
- Market Updates with Trading Tools.
Trading Ideas for 15 January 2018
Upgrade Your Trading. Try The Amazing Trader
Amazing Trader EVENT RISK Calendar:
Mon 15 Jan 2018
00:00 US- Holiday
Tue 16 Jan 2018
09:00 GB- CPI
20:00 US- Beige Book
Wed 17 Jan 2018
00:30 AU- Employment
02:00 CN- GDP
10:00 EZ- final HICP
14:15 US- Industrial Production
15:00 CA- Bank of Canada Decision
Thu 17 Jan 2018
13:30 US- Weekly Jobless
13:30 US- Housing Starts/Permits
16:00 US- EIA Crude
Fri 18 Jan 2018
09:30 GB- Retail Sales
15:00 US- University of Michigan (prelim) Survey
PROSPECTIVE Trading Opportunities
- POTENTIAL PRICE RISK: HIGH- Tue -- 09:30 GMT-- GB- CPI
- POTENTIAL PRICE RISK: HIGH- Wed -- 00:30 GMT-- AU- Employment
- POTENTIAL PRICE RISK: Medium- Wed -- 10:00 GMT-- EZ- Final HICP
- POTENTIAL PRICE RISK: HIGH to Medium- Wed --14:15 GMT-- US- Industrial Production
- POTENTIAL PRICE RISK: HIGH- Wed -- 15:00 GMT-- CA- Bank Of Canada Decision
John M. Bland, MBA
co-founding Partner, Global-View.com
Max McKegg's Daily Forex Trading Forecasts
Veteran FX Trader, Max McKegg, forecasts all the Major currencies and the Australasians; providing Daily and Medium Term Trading forecasts to subscribers, who include large Banks the world over, as well as individual traders in more than 30 different countries.
Request a TRIAL of Max's Forex Service.