Forex618 Daily Currency report

[forex618]

Forex-Science.com Daily Currency report for Thursday April 19 2007

This Week's Economic Calendar
--------------------------------------------------------------------------------
Date ET Release For Actual Briefing.com Consensus Prior Revised From
Apr 16 08:30 Retail Sales Mar 0.5% 0.4% 0.1%
Apr 16 08:30 Retail Sales ex-auto Mar 0.9% 0.7% -0.1%
Apr 16 08:30 NY Empire State Index Apr 10.0 10.0 1.9
Apr 16 09:00 Net Foreign Purchases Feb $80.0B $97.4B
Apr 16 10:00 Business Inventories Feb 0.2% 0.2% 0.2%
Apr 17 08:30 CPI Mar 0.7% 0.6% 0.4%
Apr 17 08:30 Core CPI Mar 0.2% 0.2% 0.2%
Apr 17 08:30 Housing Starts Mar 1495K 1500K 1525K
Apr 17 08:30 Building Permits Mar 1520K 1515K 1532K
Apr 17 09:15 Industrial Production Mar 0.2% 0.1% 1.0%
Apr 17 09:15 Capacity Utilization Mar 82.0% 81.9% 82.0%
Apr 18 10:30 Crude Inventories 04/13 NA NA 678K
Apr 19 08:30 Initial Claims 04/14 325K NA 342K
Apr 19 10:00 Leading Indicators Mar 0.2% 0.1% -0.5%
Apr 19 12:00 Philadelphia Fed Apr 2.0 3.0 0.2

--------------------------------------------------------------------------------

EUR/USD

Weekly Trend direction: Bullish

Weekly trend reversal level: 1.3340

Strategy: Whilst above the weekly trend reversal level, buy dips to support after an entry signal.

Medium term: The euro has broken above the large flag formation which has dominated the technical picture in 2006. Now, whilst above 1.2900 (1.2800 max), the euro remains in an uptrend which is heading back towards 1.3600, the multi-year high, and possibly higher still, towards 1.4100.

Today's trade suggestion: We are stalling at 1.3620, just below the all time high and it is understandable that there might be some hesitation at these levels. The euro is not particularly overbought, but we continue to warn that dramatic corrections are quite possible from here, particularly as many currencies are at the extreme top of their all time ranges. First support comes in at 1.3530, and there are less well defined areas of support all the way down from 1.3480 to 1.3420. We suggest trying small longs on signs of basing at 1.3480, with tight stops, being ready to re-try lower down (weekly support at 1.3340) Don't rush into a trade for the rest of this week, which could well be spent in corrective mode. Alternatively, watch for a top to form somewhere above 1.3720 for a counter-trend opportunity.

Key G7 Support levels: 1.3420, 1.3480

"Set and forget" entry: BUY 1.3480, stop 1.3450, target 1.3600

Counter-trend opportunities: SELL 1.3720, stop 1.3760, target 1.3560

EUR/USD Hourly chart:



EUR/USD Weekly chart:

 

[dram]

Forex618,
At 12 p.m today you sent a message to buy the usd/jpy at 11780 stop at 11750

At 12.51 p.m you sent another messge to move the stop to break even

At 1.49 You sent another message to move the stop back again

Between 12.51 ans 1.49 the pair had moved down to 11770 at which point you would have been stopped out
Later you said to close the position and claimed a profit
Please explain

I am very concerned you are posting statements that are not entirely true.
Trade2win should investigate this matter and post the findings on this website as the sites reputation is at risk for hosting clients who might be misguiding and misinforming their readers.

 

[forex618]

Forex618,
At 12 p.m today you sent a message to buy the usd/jpy at 11780 stop at 11750

At 12.51 p.m you sent another messge to move the stop to break even

At 1.49 You sent another message to move the stop back again

Between 12.51 ans 1.49 the pair had moved down to 11770 at which point you would have been stopped out
Later you said to close the position and claimed a profit
Please explain

I am very concerned you are posting statements that are not entirely true.
Trade2win should investigate this matter and post the findings on this website as the sites reputation is at risk for hosting clients who might be misguiding and misinforming their readers.

Sorry but this is crap. Stops were moved long before the price dipped. Do some more work and don't post rubbish on forums when you don't know what you are talking about.

 

[forex618]

Forex-Science.com Daily Currency report for Friday April 20 2007

This Week's Economic Calendar
--------------------------------------------------------------------------------
Date ET Release For Actual Briefing.com Consensus Prior Revised From
Apr 16 08:30 Retail Sales Mar 0.5% 0.4% 0.1%
Apr 16 08:30 Retail Sales ex-auto Mar 0.9% 0.7% -0.1%
Apr 16 08:30 NY Empire State Index Apr 10.0 10.0 1.9
Apr 16 09:00 Net Foreign Purchases Feb $80.0B $97.4B
Apr 16 10:00 Business Inventories Feb 0.2% 0.2% 0.2%
Apr 17 08:30 CPI Mar 0.7% 0.6% 0.4%
Apr 17 08:30 Core CPI Mar 0.2% 0.2% 0.2%
Apr 17 08:30 Housing Starts Mar 1495K 1500K 1525K
Apr 17 08:30 Building Permits Mar 1520K 1515K 1532K
Apr 17 09:15 Industrial Production Mar 0.2% 0.1% 1.0%
Apr 17 09:15 Capacity Utilization Mar 82.0% 81.9% 82.0%
Apr 18 10:30 Crude Inventories 04/13 NA NA 678K
Apr 19 08:30 Initial Claims 04/14 325K NA 342K
Apr 19 10:00 Leading Indicators Mar 0.2% 0.1% -0.5%
Apr 19 12:00 Philadelphia Fed Apr 2.0 3.0 0.2

--------------------------------------------------------------------------------

EUR/USD

Weekly Trend direction: Bullish

Weekly trend reversal level: 1.3340

Strategy: Whilst above the weekly trend reversal level, buy dips to support after an entry signal.

Medium term: The euro has broken above the large flag formation which has dominated the technical picture in 2006. Now, whilst above 1.2900 (1.2800 max), the euro remains in an uptrend which is heading back towards 1.3600, the multi-year high, and possibly higher still, towards 1.4100.

Today's trade suggestion: Edging higher but only by 10 pips, so no change to our strategy - We are stalling at 1.3630, just below the all time high and it is understandable that there might be some hesitation at these levels. The euro is not particularly overbought, but we continue to warn that dramatic corrections are quite possible from here, particularly as many currencies are at the extreme top of their all time ranges. First support comes in at 1.3520/30, and there are less well defined areas of support all the way down from 1.3480 to 1.3400. We suggest trying small longs on signs of basing at 1.3520, with tight stops, being ready to re-try lower down (1.3400 then weekly support at 1.3340) Don't rush into a trade for the rest of this week, which could well be spent in corrective mode. Alternatively, watch for a top to form somewhere above 1.3720 for a counter-trend opportunity.

Key G7 Support levels: 1.3530, 1.3400

"Set and forget" entry: BUY 1.3450, stop 1.3420, target 1.3600

Counter-trend opportunities: SELL 1.3720, stop 1.3760, target 1.3560

EUR/USD Hourly chart:



EUR/USD Weekly chart:

 

[dram]

Sorry but this is crap. Stops were moved long before the price dipped. Do some more work and don't post rubbish on forums when you don't know what you are talking about.

How can you say this is crap when the I have printed the exact time for each of your messages
.
even if you do not respond to this message in a civilised manner I hope people will read this message be cautious of you.
good day to you sir!

 

[Kant]

drap, any good broker in Ticino?

Kant

 

[rossored]

dram

If this is your claim then please post a chart explaining your reasoning.

 

[dram]

I am having difficulty attaching a chart as the platform I use is cmc and I cannot seem to detach a chart. however if you look at any patforms chart between the times I have specified in my above post
you will see my point.

 

[forex618]

Forex-Science.com Daily Currency report for Tuesday April 24 2007

This Week's Economic Calendar
--------------------------------------------------------------------------------
Date ET Release For Actual Briefing.com Consensus Prior Revised From
Apr 24 10:00 Consumer Confidence Apr 105.0 105.0 107.2
Apr 24 10:00 Existing Home Sales Mar 6.40M 6.50M 6.69M
Apr 25 08:30 Durable Orders Mar 2.8% 2.5% 1.7%
Apr 25 10:00 New Home Sales Mar 900K 885K 848K
Apr 25 10:30 Crude Inventories 04/20 NA NA -994K
Apr 25 14:00 Fed's Beige Book
Apr 26 08:30 Initial Claims 04/21 325K NA 339K
Apr 26 10:00 Help-Wanted Index Mar 31 31 31
Apr 27 08:30 GDP-Adv. Q1 1.5% 2.0% 2.5%
Apr 27 08:30 Chain Deflator-Adv. Q1 3.0% 3.0% 1.7%
Apr 27 08:30 Employment Cost Index Q1 0.9% 0.9% 0.8%
Apr 27 10:00 Mich Sentiment-Rev. Apr 85.3 85.3 85.3

--------------------------------------------------------------------------------

EUR/USD

Weekly Trend direction: Bullish

Weekly trend reversal level: 1.3520

Strategy: Whilst above the weekly trend reversal level, buy dips to support after an entry signal.

Medium term: The euro has broken above the large flag formation which has dominated the technical picture in 2006. Now, whilst above 1.2900 (1.2800 max), the euro remains in an uptrend which is heading back towards 1.3600, the multi-year high, and possibly higher still, towards 1.4100.

Today's trade suggestion: Little change as we hang around the same levels going into the second week in a row. Weekly support has moved up to 1.3520 and the euro is holding quite steadily at current levels without much retracement. This means we may be able to push to a new all-time high this week, with a break above 1.3660 setting off a rally to 1.3700 and then 1.3800. Be prepared to buy dips to 1.3520, and probably just lower than that at 1.3480. Below here and we shall have to allow for a much more significant dip towards 1.3450 and maybe 1.3400, before new attempts to base.

Key G7 Support levels: 1.3520, 1.3490

"Set and forget" entry: BUY 1.3500, stop 1.3460, target 1.3700

Counter-trend opportunities: None

EUR/USD Hourly chart:



EUR/USD Weekly chart:

 

[forex618]

Forex-Science.com Daily Currency report for Wednesday April 25 2007

This Week's Economic Calendar
--------------------------------------------------------------------------------
Date ET Release For Actual Briefing.com Consensus Prior Revised From
Apr 24 10:00 Consumer Confidence Apr 105.0 105.0 107.2
Apr 24 10:00 Existing Home Sales Mar 6.40M 6.50M 6.69M
Apr 25 08:30 Durable Orders Mar 2.8% 2.5% 1.7%
Apr 25 10:00 New Home Sales Mar 900K 885K 848K
Apr 25 10:30 Crude Inventories 04/20 NA NA -994K
Apr 25 14:00 Fed's Beige Book
Apr 26 08:30 Initial Claims 04/21 325K NA 339K
Apr 26 10:00 Help-Wanted Index Mar 31 31 31
Apr 27 08:30 GDP-Adv. Q1 1.5% 2.0% 2.5%
Apr 27 08:30 Chain Deflator-Adv. Q1 3.0% 3.0% 1.7%
Apr 27 08:30 Employment Cost Index Q1 0.9% 0.9% 0.8%
Apr 27 10:00 Mich Sentiment-Rev. Apr 85.3 85.3 85.3

--------------------------------------------------------------------------------

EUR/USD

Weekly Trend direction: Bullish

Weekly trend reversal level: 1.3520

Strategy: Whilst above the weekly trend reversal level, buy dips to support after an entry signal.

Medium term: The euro has broken above the large flag formation which has dominated the technical picture in 2006. Now, whilst above 1.2900 (1.2800 max), the euro remains in an uptrend which is heading back towards 1.3667, the multi-year high, and possibly higher still, towards 1.4100.

Today's trade suggestion: A sharp intraday rally yesterday took the euro to a new recent high of 1.3646, just shy of the the all-time high of 1.3667. Our analysis has not changed: This means we may be able to push to a new all-time high this week, with a break above 1.3667 setting off a rally to 1.3700 and then 1.3800. Be prepared to buy dips to 1.3540, and probably just lower than that at 1.3480. Below here and we shall have to allow for a much more significant dip towards 1.3450 and maybe 1.3400, before new attempts to base.

Key G7 Support levels: 1.3540, 1.3490

"Set and forget" entry: BUY 1.3500, stop 1.3460, target 1.3700

Counter-trend opportunities: None

EUR/USD Hourly chart:



EUR/USD Weekly chart:

 

[forex618]

Forex-Science.com Daily Currency report for Thursday April 26 2007

This Week's Economic Calendar
--------------------------------------------------------------------------------
Date ET Release For Actual Briefing.com Consensus Prior Revised From
Apr 24 10:00 Consumer Confidence Apr 105.0 105.0 107.2
Apr 24 10:00 Existing Home Sales Mar 6.40M 6.50M 6.69M
Apr 25 08:30 Durable Orders Mar 2.8% 2.5% 1.7%
Apr 25 10:00 New Home Sales Mar 900K 885K 848K
Apr 25 10:30 Crude Inventories 04/20 NA NA -994K
Apr 25 14:00 Fed's Beige Book
Apr 26 08:30 Initial Claims 04/21 325K NA 339K
Apr 26 10:00 Help-Wanted Index Mar 31 31 31
Apr 27 08:30 GDP-Adv. Q1 1.5% 2.0% 2.5%
Apr 27 08:30 Chain Deflator-Adv. Q1 3.0% 3.0% 1.7%
Apr 27 08:30 Employment Cost Index Q1 0.9% 0.9% 0.8%
Apr 27 10:00 Mich Sentiment-Rev. Apr 85.3 85.3 85.3

--------------------------------------------------------------------------------

EUR/USD

Weekly Trend direction: Bullish

Weekly trend reversal level: 1.3520

Strategy: Whilst above the weekly trend reversal level, buy dips to support after an entry signal.

Medium term: The euro has broken above the large flag formation which has dominated the technical picture in 2006. Now, whilst above 1.2900 (1.2800 max), the euro remains in an uptrend which is heading back towards 1.3667, the multi-year high, and possibly higher still, towards 1.4100.

Today's trade suggestion: A new all time high at 1.3669 (just by two pips!) and the euro continues to edge higher. the question is - can we break 1.3670 and close above it? Our analysis has not changed: We may be able to push to a new all-time high this week, with a break above 1.3667 setting off a rally to 1.3700 and then 1.3800. Be prepared to buy dips to 1.3540, and probably just lower than that at 1.3480. Below here and we shall have to allow for a much more significant dip towards 1.3450 and maybe 1.3400, before new attempts to base.

Key G7 Support levels: 1.3540, 1.3490

"Set and forget" entry: BUY 1.3500, stop 1.3460, target 1.3700

Counter-trend opportunities: None

EUR/USD Hourly chart:



EUR/USD Weekly chart:

 

[forex618]

Daily Currency report for Friday April 27 2007

Get our new G7 Forex system for yourself (FREE E-book!) www.forex-science.com

This is only a guide. Please refer to our specific entry signals for exact entries and stops. Please visit www.forex618.net for more information.

This Week's Economic Calendar
--------------------------------------------------------------------------------
Date ET Release For Actual Briefing.com Consensus Prior Revised From
Apr 24 10:00 Consumer Confidence Apr 105.0 105.0 107.2
Apr 24 10:00 Existing Home Sales Mar 6.40M 6.50M 6.69M
Apr 25 08:30 Durable Orders Mar 2.8% 2.5% 1.7%
Apr 25 10:00 New Home Sales Mar 900K 885K 848K
Apr 25 10:30 Crude Inventories 04/20 NA NA -994K
Apr 25 14:00 Fed's Beige Book
Apr 26 08:30 Initial Claims 04/21 325K NA 339K
Apr 26 10:00 Help-Wanted Index Mar 31 31 31
Apr 27 08:30 GDP-Adv. Q1 1.5% 2.0% 2.5%
Apr 27 08:30 Chain Deflator-Adv. Q1 3.0% 3.0% 1.7%
Apr 27 08:30 Employment Cost Index Q1 0.9% 0.9% 0.8%
Apr 27 10:00 Mich Sentiment-Rev. Apr 85.3 85.3 85.3

--------------------------------------------------------------------------------

EUR/USD

Weekly Trend direction: Bullish

Weekly trend reversal level: 1.3520

Strategy: Whilst above the weekly trend reversal level, buy dips to support after an entry signal.

Medium term: The euro has broken above the large flag formation which has dominated the technical picture in 2006. Now, whilst above 1.2900 (1.2800 max), the euro remains in an uptrend which is heading back towards 1.3667, the multi-year high, and possibly higher still, towards 1.4100.

Today's trade suggestion: Although we have dropped to 1.3585, the euro has held up rather well in the light of the corrections taking place elsewhere. Our analysis has not changed: We may be able to push to a new all-time high this week, with a break above 1.3667 setting off a rally to 1.3700 and then 1.3800. Be prepared to buy dips to 1.3540, and probably just lower than that at 1.3480. Below here and we shall have to allow for a much more significant dip towards 1.3450 and maybe 1.3400, before new attempts to base.

Key G7 Support levels: 1.3540, 1.3490

"Set and forget" entry: BUY 1.3500, stop 1.3460, target 1.3700

Counter-trend opportunities: None

EUR/USD Hourly chart:



EUR/USD Weekly chart:

 

[forex618]

Forex618.net Daily Currency report for Monday April 30 2007

This Week's Economic Calendar
--------------------------------------------------------------------------------
Date ET Release For Actual Briefing.com Consensus Prior Revised From
Apr 30 08:30 Personal Income Mar 0.5% 0.5% 0.6%
Apr 30 08:30 Personal Spending Mar 0.6% 0.5% 0.6%
Apr 30 08:30 Core PCE Inflation Mar 0.1% 0.1% 0.3%
Apr 30 09:45 Chicago PMI Apr 53.0 55.0 61.7
Apr 30 10:00 Construction Spending Mar 0.1% 0.3% 0.3%
May 01 10:00 ISM Index Apr 51.5 51.0 50.9
May 01 10:00 Pending Home Sales Mar 0.4% 0.7%
May 01 17:00 Auto Sales Apr 5.2M 5.2M 5.1M
May 01 17:00 Truck Sales Apr 7.1M 7.3M 7.2M
May 02 10:00 Factory Orders Mar 2.4% 1.0% 1.0%
May 02 10:30 Crude Inventories 04/27 NA NA 2074K
May 03 08:30 Initial Claims 04/28 325K NA 321K
May 03 08:30 Productivity-Prel Q1 0.8% 1.1% 1.6%
May 03 10:00 ISM Services Apr 54.0 53.0 52.4
May 04 08:30 Nonfarm Payrolls Apr 115K 100K 180k
May 04 08:30 Unemployment Rate Apr 4.5% 4.5% 4.4%
May 04 08:30 Hourly Earnings Apr 0.4% 0.3% 0.3%
May 04 08:30 Average Workweek Apr 33.8 33.8 33.9

--------------------------------------------------------------------------------

EUR/USD

Weekly Trend direction: Bullish

Weekly trend reversal level: 1.3550

Strategy: Whilst above the weekly trend reversal level, buy dips to support after an entry signal.

Medium term: The euro has broken above the large flag formation which has dominated the technical picture in 2006. Now, whilst above 1.2900 (1.2800 max), the euro remains in an uptrend which is heading back towards 1.3667, the multi-year high, and possibly higher still, towards 1.4100.

Today's trade suggestion: The euro made another fractional all-time high on Friday at 1.3680, but this was short lived and price action late in the day suggests that there is some instability at this level. Although we cannot rule out another surge higher (in fact this is a distinct possibility) trading will continue to be difficult as we push into extreme price levels. As and when a correction occurs, it could be dramatic, with a 3-5 cent drop quite likely. We will continue to trade within the bounds of our model, which remains bullish, with first support now at 1.3600, with better support at 1.3550 (the weekly reversal level) Continue to look for opportunities to buy dips to these levels, with a target of 1.3700 and maybe 1.3850. Below 1.3550, and we will allow for a sudden collapse to 1.3400.

Key G7 Support levels: 1.3540, 1.3600

Counter-trend opportunities: None

EUR/USD Hourly chart:



EUR/USD Weekly chart:

 

[forex618]

Forex618.net Daily Currency report for Tuesday May 01 2007

This Week's Economic Calendar
--------------------------------------------------------------------------------
Date ET Release For Actual Briefing.com Consensus Prior Revised From
May 01 10:00 ISM Index Apr 51.5 51.0 50.9
May 01 10:00 Pending Home Sales Mar 0.4% 0.7%
May 01 17:00 Auto Sales Apr 5.2M 5.2M 5.1M
May 01 17:00 Truck Sales Apr 7.1M 7.3M 7.2M
May 02 10:00 Factory Orders Mar 2.4% 1.0% 1.0%
May 02 10:30 Crude Inventories 04/27 NA NA 2074K
May 03 08:30 Initial Claims 04/28 325K NA 321K
May 03 08:30 Productivity-Prel Q1 0.8% 1.1% 1.6%
May 03 10:00 ISM Services Apr 54.0 53.0 52.4
May 04 08:30 Nonfarm Payrolls Apr 115K 100K 180k
May 04 08:30 Unemployment Rate Apr 4.5% 4.5% 4.4%
May 04 08:30 Hourly Earnings Apr 0.4% 0.3% 0.3%
May 04 08:30 Average Workweek Apr 33.8 33.8 33.9

--------------------------------------------------------------------------------

EUR/USD

Weekly Trend direction: Bullish

Weekly trend reversal level: 1.3550

Strategy: Whilst above the weekly trend reversal level, buy dips to support after an entry signal.

Medium term: The euro has broken above the large flag formation which has dominated the technical picture in 2006. Now, whilst above 1.2900 (1.2800 max), the euro remains in an uptrend which is heading back towards 1.3667, the multi-year high, and possibly higher still, towards 1.4100.

Today's trade suggestion: Edging higher again to 1.3680 after a brief intraday dip, and our analysis has not changed: Although we cannot rule out another surge higher (in fact this is a distinct possibility) trading will continue to be difficult as we push into extreme price levels. As and when a correction occurs, it could be dramatic, with a 3-5 cent drop quite likely. We will continue to trade within the bounds of our model, which remains bullish, with first support now at 1.3600 and better support at 1.3550 (the weekly reversal level) Continue to look for opportunities to buy dips to these levels, with a target of 1.3700 and maybe 1.3850. Below 1.3550, and we will allow for a sudden collapse to 1.3400.

Key G7 Support levels: 1.3540, 1.3600

Counter-trend opportunities: Watch for new signs of topping this week for opportunities to sell into a correction.

EUR/USD Hourly chart:



EUR/USD Weekly chart:

 

[forex618]

Forex618.net Daily Currency report for Wednesday May 02 2007

This Week's Economic Calendar
--------------------------------------------------------------------------------
Date ET Release For Actual Briefing.com Consensus Prior Revised From
May 01 10:00 ISM Index Apr 51.5 51.0 50.9
May 01 10:00 Pending Home Sales Mar 0.4% 0.7%
May 01 17:00 Auto Sales Apr 5.2M 5.2M 5.1M
May 01 17:00 Truck Sales Apr 7.1M 7.3M 7.2M
May 02 10:00 Factory Orders Mar 2.4% 1.0% 1.0%
May 02 10:30 Crude Inventories 04/27 NA NA 2074K
May 03 08:30 Initial Claims 04/28 325K NA 321K
May 03 08:30 Productivity-Prel Q1 0.8% 1.1% 1.6%
May 03 10:00 ISM Services Apr 54.0 53.0 52.4
May 04 08:30 Nonfarm Payrolls Apr 115K 100K 180k
May 04 08:30 Unemployment Rate Apr 4.5% 4.5% 4.4%
May 04 08:30 Hourly Earnings Apr 0.4% 0.3% 0.3%
May 04 08:30 Average Workweek Apr 33.8 33.8 33.9

--------------------------------------------------------------------------------

EUR/USD

Weekly Trend direction: Bullish

Weekly trend reversal level: 1.3550

Strategy: Whilst above the weekly trend reversal level, buy dips to support after an entry signal.

Medium term: The euro has broken above the large flag formation which has dominated the technical picture in 2006. Now, whilst above 1.2900 (1.2800 max), the euro remains in an uptrend which is heading back towards 1.3667, the multi-year high, and possibly higher still, towards 1.4100.

Today's trade suggestion: Dropping to 1st support and the weekly reversal level at 1.3550. It is likely that we will get a bounce from here back to 1.3600 and maybe 1.3620 - before down again to test and probably break below 1.3550 towards 1.3500 and 1.3400. This can be traded in both directions this week - wait for signals at each of the above levels before entering and be prepared to be nimble. In the end, 1.3400 (if seen) should offer strong support for an eventual re-challenge of this weeks highs.

Key G7 Support levels: 1.3540.

Counter-trend opportunities: Sell into rallies to 1.3600/20..

EUR/USD Hourly chart:



EUR/USD Weekly chart:

 

[forex618]

Forex618.net Daily Currency report for Thursday May 03 2007

This Week's Economic Calendar
--------------------------------------------------------------------------------
Date ET Release For Actual Briefing.com Consensus Prior Revised From
May 01 10:00 ISM Index Apr 51.5 51.0 50.9
May 01 10:00 Pending Home Sales Mar 0.4% 0.7%
May 01 17:00 Auto Sales Apr 5.2M 5.2M 5.1M
May 01 17:00 Truck Sales Apr 7.1M 7.3M 7.2M
May 02 10:00 Factory Orders Mar 2.4% 1.0% 1.0%
May 02 10:30 Crude Inventories 04/27 NA NA 2074K
May 03 08:30 Initial Claims 04/28 325K NA 321K
May 03 08:30 Productivity-Prel Q1 0.8% 1.1% 1.6%
May 03 10:00 ISM Services Apr 54.0 53.0 52.4
May 04 08:30 Nonfarm Payrolls Apr 115K 100K 180k
May 04 08:30 Unemployment Rate Apr 4.5% 4.5% 4.4%
May 04 08:30 Hourly Earnings Apr 0.4% 0.3% 0.3%
May 04 08:30 Average Workweek Apr 33.8 33.8 33.9

--------------------------------------------------------------------------------

EUR/USD

Weekly Trend direction: Bullish

Weekly trend reversal level: 1.3550

Strategy: Whilst above the weekly trend reversal level, buy dips to support after an entry signal.

Medium term: The euro has broken above the large flag formation which has dominated the technical picture in 2006. Now, whilst above 1.2900 (1.2800 max), the euro remains in an uptrend which is heading back towards 1.3667, the multi-year high, and possibly higher still, towards 1.4100.

Today's trade suggestion: We managed a weak bounce from 1.3550 back to 1.3600, but so far it has been somewhat unconvincing. Our analysis has not changed - this bounce will probably fail at 1.3600 and maybe 1.3620 - before down again to test and probably break below 1.3550 towards 1.3500 and 1.3400. This can be traded in both directions this week - wait for signals at each of the above levels before entering and be prepared to be nimble. In the end, 1.3400 (if seen) should offer strong support for an eventual re-challenge of this weeks highs.

Key G7 Support levels: 1.3540.

Counter-trend opportunities: Sell into rallies to 1.3600/20

EUR/USD Hourly chart:



EUR/USD Weekly chart:

 

[forex618]

Forex-Science.com Daily Currency report for Friday May 04 2007

This Week's Economic Calendar
--------------------------------------------------------------------------------
Date ET Release For Actual Briefing.com Consensus Prior Revised From
May 01 10:00 ISM Index Apr 51.5 51.0 50.9
May 01 10:00 Pending Home Sales Mar 0.4% 0.7%
May 01 17:00 Auto Sales Apr 5.2M 5.2M 5.1M
May 01 17:00 Truck Sales Apr 7.1M 7.3M 7.2M
May 02 10:00 Factory Orders Mar 2.4% 1.0% 1.0%
May 02 10:30 Crude Inventories 04/27 NA NA 2074K
May 03 08:30 Initial Claims 04/28 325K NA 321K
May 03 08:30 Productivity-Prel Q1 0.8% 1.1% 1.6%
May 03 10:00 ISM Services Apr 54.0 53.0 52.4
May 04 08:30 Nonfarm Payrolls Apr 115K 100K 180k
May 04 08:30 Unemployment Rate Apr 4.5% 4.5% 4.4%
May 04 08:30 Hourly Earnings Apr 0.4% 0.3% 0.3%
May 04 08:30 Average Workweek Apr 33.8 33.8 33.9

--------------------------------------------------------------------------------

EUR/USD

Weekly Trend direction: Bullish

Weekly trend reversal level: 1.3550

Strategy: Whilst above the weekly trend reversal level, buy dips to support after an entry signal.

Medium term: The euro has broken above the large flag formation which has dominated the technical picture in 2006. Now, whilst above 1.2900 (1.2800 max), the euro remains in an uptrend which is heading back towards 1.3667, the multi-year high, and possibly higher still, towards 1.4100.

Today's trade suggestion: Failing at 1.3620 as expected and now trying to break lower below 1.3530. It looks as if this area might support again, but much will depend on the jobs report later today. Our analysis remains unchanged - watch for dips to 1.3500 (1.3400 MAX) before new attempts to form a good base for the next rally.

Key G7 Support levels: 1.3540.

Counter-trend opportunities:

EUR/USD Hourly chart:



EUR/USD Weekly chart:

 

[forex618]

Forex-Science.com Daily Currency report for Monday May 07 2007

This Week's Economic Calendar
--------------------------------------------------------------------------------
Date ET Release For Actual Briefing.com Consensus Prior Revised From
May 07 15:00 Consumer Credit Mar $4.0B $4.5B $3.0B
May 08 10:00 Wholesale Inventories Mar 0.4% 0.4% 0.5%
May 09 10:30 Crude Inventories 05/04 NA NA 1169K
May 09 14:15 FOMC policy statement
May 10 08:30 Export Prices ex-ag. Apr NA NA 0.6%
May 10 08:30 Import Prices ex-oil Apr NA NA 0.3%
May 10 08:30 Initial Claims 05/05 325K 320K 305K
May 10 08:30 Trade Balance Mar -$59.5B -$60.0B -$58.4B
May 10 14:00 Treasury Budget Apr $160.0B $135.0B $118.8B
May 11 08:30 Retail Sales Apr 0.6% 0.4% 0.7%
May 11 08:30 Retail Sales ex-auto Apr 0.6% 0.4% 0.8%
May 11 08:30 PPI Apr 0.7% 0.6% 1.0%
May 11 08:30 Core PPI Apr 0.2% 0.2% 0.0%
May 11 10:00 Business Inventories Mar 0.2% 0.2% 0.3%

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EUR/USD

Weekly Trend direction: Bearish

Weekly trend reversal level: 1.3700

Strategy: Whilst below the weekly trend reversal level, sell rallies to resistance after an entry signal.

Medium term: The euro has broken above the large flag formation which has dominated the technical picture in 2006. Now, whilst above 1.2900 (1.2800 max), the euro remains in an uptrend which is heading back towards 1.3667, the multi-year high, and possibly higher still, towards 1.4100.

Today's trade suggestion: Although we have not managed to break below 1.3550/30, last week's candle was marginally bearish and upwards momentum has slowed down considerably. First resistance now lies at 1.3600, with further barriers at 1.3650 and 1.3680. These are the levels we will look to sell into after a G7 entry signal is formed, with targets of 1.3550 and then, eventually, 1.3400. Above 1.3700 means that our long term target of 1.4100 may be within reach this month or early next.

Key G7 Resistance levels: 1.3600, 1.3650, 1.3680.

Counter-trend opportunities: None

EUR/USD Hourly chart:



EUR/USD Weekly chart:

 

[forex618]

Forex-Science.com Daily Currency report for Wednesday May 09 2007

This Week's Economic Calendar
--------------------------------------------------------------------------------
Date ET Release For Actual Briefing.com Consensus Prior Revised From
May 07 15:00 Consumer Credit Mar $4.0B $4.5B $3.0B
May 08 10:00 Wholesale Inventories Mar 0.4% 0.4% 0.5%
May 09 10:30 Crude Inventories 05/04 NA NA 1169K
May 09 14:15 FOMC policy statement
May 10 08:30 Export Prices ex-ag. Apr NA NA 0.6%
May 10 08:30 Import Prices ex-oil Apr NA NA 0.3%
May 10 08:30 Initial Claims 05/05 325K 320K 305K
May 10 08:30 Trade Balance Mar -$59.5B -$60.0B -$58.4B
May 10 14:00 Treasury Budget Apr $160.0B $135.0B $118.8B
May 11 08:30 Retail Sales Apr 0.6% 0.4% 0.7%
May 11 08:30 Retail Sales ex-auto Apr 0.6% 0.4% 0.8%
May 11 08:30 PPI Apr 0.7% 0.6% 1.0%
May 11 08:30 Core PPI Apr 0.2% 0.2% 0.0%
May 11 10:00 Business Inventories Mar 0.2% 0.2% 0.3%

--------------------------------------------------------------------------------

EUR/USD

Weekly Trend direction: Bearish

Weekly trend reversal level: 1.3700

Strategy: Whilst below the weekly trend reversal level, sell rallies to resistance after an entry signal.

Medium term: The euro has broken above the large flag formation which has dominated the technical picture in 2006. Now, whilst above 1.2900 (1.2800 max), the euro remains in an uptrend which is heading back towards 1.3667, the multi-year high, and possibly higher still, towards 1.4100.

Today's trade suggestion: The euro has dropped to 1.3510, which is our first support zone. We continue to expect that a deeper correction is possible, with a target of 1.3400/1.3380, but remember that we remain in a long term uptrend, and a strong bounce from 1.3500 is quite possible. As yet there are no clear signs of basing here, and we will continue to watch for a "spike low" or an "engulfing pattern" before considering buying. If we do drop to 1.3400/1.3380 trend line and horizontal support), this will be an excellent opportunity to buy for an eventual re-test of 1.3680 and a new all-time high. For today, we prefer to wait for the outcome of the FOMC rates decision later on (or a much clearer reversal pattern) before re-entering the market. Resistance remains set at 1.3600/25 and we will also be watching for a bounce to this area, followed by a clear reversal, for opportunities to sell into a rally.

Key G7 Resistance levels: 1.3600, 1.3625.

Counter-trend opportunities: Buy 1.3400, stops below 1.3370

EUR/USD Hourly chart:



EUR/USD Weekly chart:

 

[forex618]

Daily Currency report for Thursday May 10 2007

Get our new G7 Forex system for yourself (FREE E-book!) www.forex-science.com

This is only a guide. Please refer to our specific entry signals for exact entries and stops. Please visit www.forex618.net for more information.

This Week's Economic Calendar
--------------------------------------------------------------------------------
Date ET Release For Actual Briefing.com Consensus Prior Revised From
May 07 15:00 Consumer Credit Mar $4.0B $4.5B $3.0B
May 08 10:00 Wholesale Inventories Mar 0.4% 0.4% 0.5%
May 09 10:30 Crude Inventories 05/04 NA NA 1169K
May 09 14:15 FOMC policy statement
May 10 08:30 Export Prices ex-ag. Apr NA NA 0.6%
May 10 08:30 Import Prices ex-oil Apr NA NA 0.3%
May 10 08:30 Initial Claims 05/05 325K 320K 305K
May 10 08:30 Trade Balance Mar -$59.5B -$60.0B -$58.4B
May 10 14:00 Treasury Budget Apr $160.0B $135.0B $118.8B
May 11 08:30 Retail Sales Apr 0.6% 0.4% 0.7%
May 11 08:30 Retail Sales ex-auto Apr 0.6% 0.4% 0.8%
May 11 08:30 PPI Apr 0.7% 0.6% 1.0%
May 11 08:30 Core PPI Apr 0.2% 0.2% 0.0%
May 11 10:00 Business Inventories Mar 0.2% 0.2% 0.3%

--------------------------------------------------------------------------------

EUR/USD

Weekly Trend direction: Bearish

Weekly trend reversal level: 1.3700

Strategy: Whilst below the weekly trend reversal level, sell rallies to resistance after an entry signal.

Medium term: The euro has broken above the large flag formation which has dominated the technical picture in 2006. Now, whilst above 1.2900 (1.2800 max), the euro remains in an uptrend which is heading back towards 1.3667, the multi-year high, and possibly higher still, towards 1.4100.

Today's trade suggestion: Not a lot of change after dropping back to 1.3520 after the FOMC minutes. It is now looking quite possible that we will hold above 1.3500 again, and it is worth trying small longs here, even though weekly direction is bearish. Below 1.3500, and it is probable that we will drop to 1.3400/1.3380 (trend line and horizontal support), and this will be an excellent opportunity to buy for an eventual re-test of 1.3680 and a new all-time high.

Key G7 Resistance levels: 1.3600, 1.3625.

Counter-trend opportunities: Buy 1.3520, stops below 1.3500

EUR/USD Hourly chart:



EUR/USD Weekly chart: