Comment On Forex - 8th Of July - Forex Forum

Hello,

Many events in USA today:

12:30 GMT: Fed's Bernanke Speech. He gives a press conference as to how the Fed observes the current US economy and the value of USD. His comments may determine a short-term positive or negative trend.

14:00 GMT: The Pending Home Sales released by the National Association of Retailers is a leading indicator of trends of the housing market in the US It captures residential housing contract activity of existing single-family homes. As the housing market is considered as a sensitive factor to the US economy, it generates some volatility for the USD. A high reading is seen as positive (or bullish) for the USD, while a low reading is seen as negative (or bearish).

19:00 GMT: The Consumer Credit released by the Board of Governors of the Federal Reserve is an amount of money that individuals borrowed. It shows if consumers can afford large expenses, which can fuel economic growth. However, a high figure may also indicate that the economy is overheating, as consumers borrow in order to live beyond their means. A high reading is seen as positive (or Bullish) for the USD, whereas a low reading is seen as negative.

21:00 GMT: The ABC/Washington Post Consumer Confidence released by the ABC News captures the level of confidence that individuals have in economic activity reflecting respondents' evaluations of their personal financial situation . A high level of consumer confidence stimulates economic expansion while a low level drives to economic downturn. A high reading is seen as positive (or bullish) for the USD, while a low reading is seen as negative (or bearish).

23:00 GMT: The Nationwide Consumer Confidence captures the level of confidence that individuals have in current and future UK's economy. A high level of consumer confidence stimulates economic expansion while a low level drives to economic downturn. A high reading is also positive for the GBP, while a low reading is negative.

00:30GMT (jul 9th): The Westpac Consumer Confidence released by the Faculty of Economics and Commerce Melbourne Institute captures the level of sentiment that individuals have in economic activity reflecting respondents' evaluations of their family finances over the past and coming year, expectations about the one-year and five-year economic conditions and views about current buying conditions for major household items. A high reading is seen as positive (or bullish) for the AUD, whereas a low reading is seen as negative (or bearish).

Interesting configurations:

EURJPY, keep an eye on the daily chart. tight bollinger band and uptrend.


GBPUSD in a short term downtrend and near a resistance


AUDUSD keep an eye on the support


GBPJPY in an uptrend and near a support

GBPJPY just breaks the first support.

If GBPJPY breaks and closes below the bollinger band => 204.00 (650 pips)