Forex Trading Signal for Feb 13
1. Tuesday, February 13th, 2007 (4:30 am New York Time) UK
We have UK CPI coming out. This reading is extremely important, considering all the interest rate activity out of UK lately. We will have three numbers, the core CPI, which is usually very steady, and we have the headline annual CPI. That's the number that everyone seems to care a lot about. It's expected that annual CPI will come out at either 2.9 to 3.0%. If this reading comes out at 3.2% or higher, you can possibly go long on GBP/USD. If the reading comes out at 2.7% or lower, you can possibly go short on GBP/USD. I am expecting a move of at least 50 pips on this report if my triggers are hit. If you miss the initial spike, you can try to jump back in on 2nd wave at around 40 to 50% retracement.
2. Tuesday, February 13th, 2007 (8:30 am New York Time) USA
Then we have US trade balance coming out. I can't say that this is that hot of a report, but it's worth watching and possibly trading. It's generally expected that the trade balance will come out at around -59.7 billion or so. If this indicator reads -64 billion or more negative, it would be bad for the dollar, and you can possibly go long on GBP/USD. If this indicator comes out at -56 billion or less negative, it would be good for the dollar, and you can possibly go short on GBP/USD. If you miss the initial spike, you can try to jump back in on 2nd wave at around 100% retracement.
We have UK CPI coming out. This reading is extremely important, considering all the interest rate activity out of UK lately. We will have three numbers, the core CPI, which is usually very steady, and we have the headline annual CPI. That's the number that everyone seems to care a lot about. It's expected that annual CPI will come out at either 2.9 to 3.0%. If this reading comes out at 3.2% or higher, you can possibly go long on GBP/USD. If the reading comes out at 2.7% or lower, you can possibly go short on GBP/USD. I am expecting a move of at least 50 pips on this report if my triggers are hit. If you miss the initial spike, you can try to jump back in on 2nd wave at around 40 to 50% retracement.
2. Tuesday, February 13th, 2007 (8:30 am New York Time) USA
Then we have US trade balance coming out. I can't say that this is that hot of a report, but it's worth watching and possibly trading. It's generally expected that the trade balance will come out at around -59.7 billion or so. If this indicator reads -64 billion or more negative, it would be bad for the dollar, and you can possibly go long on GBP/USD. If this indicator comes out at -56 billion or less negative, it would be good for the dollar, and you can possibly go short on GBP/USD. If you miss the initial spike, you can try to jump back in on 2nd wave at around 100% retracement.
posted by Naveen Pantera at 12:47 PM
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