TRADERS COURSE LESSON 15 FIBONACCIS 4:00PM TUESDAY

TRADERS COURSE LESSON 15 FIBONACCIS 4:00PM TUESDAY – Register now

The NY Morning Forex Commentary is available for viewing

US Jobless Claims, Nonfarm Productivity & Labor Costs Data Due at 8:30AM

EU source: Should have the troika report tomorrow

Needless to say “all hands are on deck” as the market prepares for the troika report.  Comments from Trichet/Germans Merkel and others have counteracted the downgrade from Moody’s yesterday and given the EURUSD an upward bias again. Back and forth for the pair.

Japan draft reform plan says to double consumption tax in stages by FY 2015; expects to halve nation’s main budget deficit by FY 2015.

The JPY strengthened mildly on the release.

Trichet says “there is no crisis of the euro”.

• Calls for the creation of a single Euro finance ministry.
• New ministry wouldn’t control large federal budget.
• Strengthening rules is an “urgent priority”
• Ministry would monitor fiscal policy, and financial sector.
• EU should get veto over national policy in some cases.
• European veto may include fiscal policies.
• ECBs primary objective is price stability.
• Sound policies and a healthy economy “strongly correlated”.
• European unity is “more important than ever”.

TRADERS COURSE LESSON 15 FIBONACCIS 4:00PM TUESDAY

TRADERS COURSE LESSON 15 FIBONACCIS 4:00PM TUESDAY – Register now

According to a government source, Greek-mid term plan sees faster privitization, cuts in government spending, and revenue measures.

Euro firmer in recent trade

In the previous post the topside target was 1.44064. The pair has surpassed that target and has made a new session high of 1.44403 following comments from the Slovak finance minister that an investor haircut on Greek debt is still the best option. We look to 1.44577 as the next bullish target.

Sterling firmer after UK construction PMI came in at 54.0; better than expected

UK Construction PMI due @ 4:30 am

Euro a bit firmer/trading on session highs

We have seen a relatively quiet session with the absence of the Swiss and the Eurozone as they take the day off to observe Ascension Day. As you can see below, the Euro has been trading steadily higher since the end of yesterday’s trading session; the EUR/USD currently testing some short-term resistance around the 1.4380-90 area. On the 15 minute chart, we find the 100 bar moving average at 1.4380, the 50.0% fibo line at 1.43823, and lastley the 200 bar moving average at 1.4390. It also appears that an upward trendline is also beginning to form. If the upward trend continues we look to 1.44001 as our next bullish target.

Japan Diet rejects no confidence motion against PM Kan

Kan survives the motion as most analysts thought. Usd/Jpy trades at 80.94.

6-2 Calender

Aussie Trade Balance and Retail Sales

The Aussie April Trade Balance reading came in over 400m softer then expected at 1597M (2000M estimate) and weaker than the March reading (1740M.) The Aussie did however jump ~30 points initially as the seasonally adjusted Retail Sales figure was much better than expected up 1.1% from the prior month (0.4% estimate.)