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Forex618.net Daily Currency report
02-04-2007, 11:10 AM
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Forex618.net Daily Currency report
Daily Currency report for Thursday February 1 2007 This Week's Economic Calendar 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 Try us! 1 month FREE!  OR Pay as You Go - read more...DateETReleaseForActualBriefing.comConsensusPriorRevised FromJan 3010:00Consumer ConfidenceJan 110.5109.5109.0 Jan 3108:30GDP-Adv.Q4 3.0%3.0%2.0% Jan 3108:30Chain Deflator-Adv.Q4 1.5%1.7%1.9% Jan 3108:30Employment Cost IndexQ4 0.9%1.0%1.0% Jan 3109:45Chicago PMIJan 52.052.051.6 Jan 3110:00Construction SpendingDec -0.2%0.0%-0.2% Jan 3110:30Crude Inventories01/26 NANA789K Jan 3114:15FOMC policy statement Feb 0108:30Personal IncomeDec 0.5%0.5%0.3% Feb 0108:30Personal SpendingDec 0.7%0.7%0.5% Feb 0108:30Initial Claims01/27 315K318K325K Feb 0110:00ISM IndexJan 52.051.551.4 Feb 0117:00Auto SalesJan 5.4M5.4M5.6M Feb 0117:00Truck SalesJan 7.3M7.4M7.2M Feb 0208:30Nonfarm PayrollsJan 135K150K167K Feb 0208:30Unemployment RateJan 4.5%4.5%4.5% Feb 0208:30Hourly EarningsJan 0.2%0.3%0.5% Feb 0208:30Average WorkweekJan 33.933.933.9 Feb 0210:00Factory OrdersDec 2.0%1.5%0.9% Feb 0210:00Mich Sentiment-Rev.Jan 98.097.898.0 EUR/USD Weekly Trend direction: Bearish Weekly trend reversal level: 1.3050 Resistance levels: 1.3050 Strategy: Whilst below the weekly trend reversal level,sell rallies to resistanceafter 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:A bit more lively, and back to the top of the range of the past few weeks at 1.3040. It looks as though we will move through here before the weekend, which will turn the weekly charts bullish and should spark a move to the next level at 1.3150. As there is a lot of important data this week, ending with the NFP and Michigan Sent. on Friday, we need to be cautious about picking a direction. The way this week finally closes should set the trend for February, so it is a case of "wait and see" until then. For today, either try small shorts on signs of topping at 1.3040 (there are no signs yet) or stay out of the market. EUR/USD Hourly chart:  EUR/USD Weekly chart: 
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02-05-2007, 03:28 AM
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Daily Currency report for Monday February 05 2007 This Week's Economic Calendar 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 Try us! 50% discount voucher! OR Pay as You Go - read more...DateETReleaseForActualBriefing.comConsensusPriorRevised FromFeb 0510:00ISM ServicesJan 56.057.056.7 Feb 0708:30Productivity-PrelQ4 1.5%1.7%0.2% Feb 0710:30Crude Inventories02/02 NANA2684K Feb 0715:00Consumer CreditDec $8.0B$6.5B$12.3B Feb 0808:30Initial Claims02/03 310K310K307K Feb 0810:00Wholesale InventoriesDec 0.7%0.6%1.3% EUR/USD Weekly Trend direction: Bullish Weekly trend reversal level: 1.2860 Support levels: 1.2920, 1.2880, 1.2866 Strategy: Whilst above the weekly trend reversal level,buy dips to supportafter 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:Now entering the 5th week in the same 1.2860 - 1.3060 range. Very good for range traders with a 200 pip corridor, but frustrating for trend traders. Momentum is marginally bullish, and good support lies between 1.2920 and 1.2880, so we expect the euro to attempt to base in this area. As yet, there are no signs of that happening, so we shall have to be patient and watch for a reversal pattern to develop. When that happens, buy at the support zone, targeting 1.3020, and eventually, a break above there towards 1.3100 and 1.3300. A daily close below 1.2800 will postpone all of this and probably lead to a drop to below 1.2700. EUR/USD Hourly chart:  EUR/USD Weekly chart: 
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02-06-2007, 03:20 AM
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Daily Currency report for Tuesday February 06 2007 This Week's Economic Calendar 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 Try us! 50% discount voucher! OR Pay as You Go - read more...DateETReleaseForActualBriefing.comConsensusPriorRevised FromFeb 0510:00ISM ServicesJan 56.057.056.7 Feb 0708:30Productivity-PrelQ4 1.5%1.7%0.2% Feb 0710:30Crude Inventories02/02 NANA2684K Feb 0715:00Consumer CreditDec $8.0B$6.5B$12.3B Feb 0808:30Initial Claims02/03 310K310K307K Feb 0810:00Wholesale InventoriesDec 0.7%0.6%1.3% EUR/USD Weekly Trend direction: Bullish Weekly trend reversal level: 1.2860 Support levels: 1.2920, 1.2880, 1.2866 Strategy: Whilst above the weekly trend reversal level,buy dips to supportafter 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:Slightly lower than yesterday, but no change to the picture at all. Now entering the 5th week in the same 1.2860 - 1.3060 range. Very good for range traders with a 200 pip corridor, but frustrating for trend traders. Momentum is marginally bullish, and good support lies between 1.2920 and 1.2880, so we expect the euro to attempt to base in this area. As yet, there are no signs of that happening, so we shall have to be patient and watch for a reversal pattern to develop. When that happens, buy at the support zone, targeting 1.3020, and eventually, a break above there towards 1.3100 and 1.3300. A daily close below 1.2800 will postpone all of this and probably lead to a drop to below 1.2700. EUR/USD Hourly chart: 
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02-07-2007, 03:12 AM
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Daily Currency report for Wednesday February 07 2007 This Week's Economic Calendar 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 Try us! 50% discount voucher! OR Pay as You Go - read more...DateETReleaseForActualBriefing.comConsensusPriorRevised FromFeb 0510:00ISM ServicesJan 56.057.056.7 Feb 0708:30Productivity-PrelQ4 1.5%1.7%0.2% Feb 0710:30Crude Inventories02/02 NANA2684K Feb 0715:00Consumer CreditDec $8.0B$6.5B$12.3B Feb 0808:30Initial Claims02/03 310K310K307K Feb 0810:00Wholesale InventoriesDec 0.7%0.6%1.3% EUR/USD Weekly Trend direction: Bullish Weekly trend reversal level: 1.2860 Support levels: 1.2920, 1.2880, 1.2866 Strategy: Whilst above the weekly trend reversal level,buy dips to supportafter 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:Back to 1.2990, recovering 50% of the post NFP decline, and right in the middle of the range of the past 5 weeks (roughly 1.3050 - 1.2850). Short term momentum is still bullish, but risk and reward are not well matched right now. Continue to buy dips, whilst above 1.2860, but be aware that this range will break soon, and it is by no means clear which way. A daily close below 1.2800 will probably lead to a drop to below 1.2700, whereas a close above 1.3050 is needed to send the euro higher towards 1.3150 and then 1.3300. EUR/USD Hourly chart: 
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02-08-2007, 02:33 AM
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Daily Currency report for Thursday February 08 2007 This Week's Economic Calendar 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 Try us! 50% discount voucher! OR Pay as You Go - read more...DateETReleaseForActualBriefing.comConsensusPriorRevised FromFeb 0510:00ISM ServicesJan 56.057.056.7 Feb 0708:30Productivity-PrelQ4 1.5%1.7%0.2% Feb 0710:30Crude Inventories02/02 NANA2684K Feb 0715:00Consumer CreditDec $8.0B$6.5B$12.3B Feb 0808:30Initial Claims02/03 310K310K307K Feb 0810:00Wholesale InventoriesDec 0.7%0.6%1.3% EUR/USD Weekly Trend direction: Bullish Weekly trend reversal level: 1.2860 Support levels: 1.2920, 1.2880, 1.2866 Strategy: Whilst above the weekly trend reversal level,buy dips to supportafter 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:Slightly higher at 1.3020, but little changed from yesterday and right in the middle of the range of the past 5 weeks (roughly 1.3050 - 1.2850). Trading the euro at the moment is a bit like watching paint dry, so be prepared for an explosive move soon. Short term momentum is still bullish, but risk and reward are not well matched right now. No change to the strategy - continue to buy dips, whilst above 1.2860, but be aware that this range will break soon, and it is by no means clear which way. A daily close below 1.2800 will probably lead to a drop to below 1.2700, whereas a close above 1.3050 is needed to send the euro higher towards 1.3150 and then 1.3300. EUR/USD Hourly chart: 
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02-09-2007, 03:52 AM
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Daily Currency report for Friday February 09 2007 This Week's Economic Calendar 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 Try us! 50% discount voucher! OR Pay as You Go - read more...DateETReleaseForActualBriefing.comConsensusPriorRevised FromFeb 0510:00ISM ServicesJan 56.057.056.7 Feb 0708:30Productivity-PrelQ4 1.5%1.7%0.2% Feb 0710:30Crude Inventories02/02 NANA2684K Feb 0715:00Consumer CreditDec $8.0B$6.5B$12.3B Feb 0808:30Initial Claims02/03 310K310K307K Feb 0810:00Wholesale InventoriesDec 0.7%0.6%1.3% EUR/USD Weekly Trend direction: Bullish Weekly trend reversal level: 1.2860 Support levels: 1.2920, 1.2880, 1.2866 Strategy: Whilst above the weekly trend reversal level,buy dips to supportafter 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:Surprisingly docile compared to its counterparts yesterday, the euro ended up moving 20 pips higher by the end of the day, so very little has changed. No change to the strategy - continue to buy dips, whilst above 1.2860, but be aware that this range will break soon, and it is by no means clear which way. A daily close below 1.2800 will probably lead to a drop to below 1.2700, whereas a close above 1.3050 is needed to send the euro higher towards 1.3150 and then 1.3300. EUR/USD Hourly chart:  EUR/USD Weekly chart: GBP/USD Weekly Trend direction: Bearish Weekly trend reversal level: 1.9750 Resistance levels: 1.9700, 1.9750 Strategy: Whilst above the weekly trend reversal level, sell rallies to resistance levels after an entry signal. Medium term: The trend remains bullish whilst above roughly 1.9200, but it is becoming mature and our medium term target is possibly 2.0000. As we approach the BIG figure at 2.0000 and indicators become extremely overbought, great caution is required, as swings both ways may be huge, random and very fast. Today: The large move came as expected, and the pound plunged almost 200 pips to 1.9545, a fraction below trend line support, but just reaching the previous daily low from the end of January. A small "spike low" on hourly charts and a classical G7 entry ( www.forex-science.com ) makes it quite likely that we have a new bottom in place, but we can't rule out a test of 1.9500, and even 1.9400 next week before we move higher again. For today, hold longs from around the 1.9570 mark, with stops below 1.9540. Be ready to re-buy on a further drop to above mentioned levels - only on signs of basing. There is no sense in trying to "catch a falling knife", especially when the pound is in a nasty mood! GBP/USD Hourly chart: 
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02-12-2007, 03:24 AM
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Daily Currency report for Monday February 12 2007 This Week's Economic Calendar 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 Try us! 50% discount voucher! OR Pay as You Go - read more...DateETReleaseForActualBriefing.comConsensusPriorRevised FromFeb 1214:00Treasury BudgetJan $40.0B$40.0B$21.0B Feb 1308:30Trade BalanceDec -$59.7B-$59.5B-$58.2B Feb 1408:30Retail SalesJan 0.5%0.3%0.9% Feb 1408:30Retail Sales ex-autoJan 0.6%0.3%1.0% Feb 1410:00Business InventoriesDec -0.1%0.4%0.4% Feb 1410:30Crude Inventories02/09 NANA-449K Feb 1508:30Export Prices ex-ag.Jan NANA0.5% Feb 1508:30Import Prices ex-oilJan NANA0.4% Feb 1508:30Initial Claims02/10 310KNA311K Feb 1508:30NY Empire State IndexFeb 10.011.09.1 Feb 1509:00Net Foreign PurchasesDec $60.0B$68.4B Feb 1509:15Industrial ProductionJan 0.1%0.0%0.4% Feb 1509:15Capacity UtilizationJan 81.7%81.7%81.8% Feb 1512:00Philadelphia FedFeb 2.05.08.3 Feb 1608:30Housing StartsJan 1590K1610K1642K Feb 1608:30Building PermitsJan 1570K1590K1613K Feb 1608:30PPIJan -0.6%-0.6%0.9% Feb 1608:30Core PPIJan 0.2%0.2%0.2% Feb 1610:00Mich Sentiment-Prel.Feb 97.597.096.9 EUR/USD Weekly Trend direction: Bullish Weekly trend reversal level: 1.2900 Support levels: 1.2980, 1.2920 Strategy: Whilst above the weekly trend reversal level,buy dips to supportafter 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:Another week has passed and we have remained within the 1.2900-1.3050 range. Until this breaks, nothing changes, although the longer we stay in this pattern, the more likely it is that we will break higher. Note the "rounded bottom" forming on daily and weekly charts, which also lends a bit more bias towards the upside. No change to the strategy - continue to buy dips, whilst above 1.2860, keeping tight stops and being ready to hold for a significant rally. A daily close below 1.2800 will probably lead to a drop to below 1.2700, whereas a close above 1.3050 is needed to send the euro higher towards 1.3150 and then 1.3300. EUR/USD Hourly chart:  EUR/USD Weekly chart:
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