Daily Currency report for Thursday August 9 2007
Get our new G7 Forex system for yourself (FREE E-book!)
G7 Forex System by Forex-Science. Day trading system for the Forex market.
This is only a guide. Please refer to our specific entry signals for exact entries and stops. Please visit
Forex trading signals and instant alerts on Forex major currencies for more information.
This Week's Economic Calendar
--------------------------------------------------------------------------------
Date ET Release For Actual Briefing.com Consensus Prior Revised From
Aug 07 08:30 Productivity-Prel Q2 2.2% 2.0% 1.0%
Aug 07 14:15 FOMC policy statement
Aug 07 15:00 Consumer Credit Jun $3.5B $7.0B $12.9B
Aug 08 10:00 Wholesale Inventories Jun 0.4% 0.4% 0.5%
Aug 08 10:30 Crude Inventories 08/03 NA NA -6497K
Aug 09 08:30 Initial Claims 08/04 310K NA 307K
Aug 10 08:30 Export Prices ex-ag. Jul NA NA 0.1%
Aug 10 08:30 Import Prices ex-oil Jul NA NA 0.2%
Aug 10 14:00 Treasury Budget Jul -$35.0B -$32.5B -$33.2B
--------------------------------------------------------------------------------
EUR/USD
Weekly Trend direction: Bearish
Weekly trend reversal level: 1.3860
Strategy: Whilst below the weekly trend reversal level, sell rallies to resistance levels 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 1.3800, and possibly higher still, towards 1.4100.
Today's trade suggestion: We are back above 1.3800, which was slightly unexpected and has clouded the technical picture just a little bit. Still, out model remains bearish, and with a bit of luck, we will hold below 1.3850, but we must now allow for another spike through here just to rattle the uncertain. For today, whilst below 1.3850, the chance of another sudden drop is quite good and we look to sell into rallies/hold shorts from 1.3850 region, with a first target of 1.3720, and then 1.3620.
Key G7 Resistance levels: 1.3850, 1.3900
Counter-trend opportunities: Sell 1.3900/1.3920, stops above 1.3950
EUR/USD Hourly chart: