FX Trading Signals for Feb 09
1. Friday, February 9th, 2007 (4:30 am New York Time) UK
We have UK trade balance coming out. We have three different numbers, but the most important one by far is the visible trade balance that's expected to come out at -6,900 million. If this number comes out at -6,100 or less negative, you may possibly wait for the initial spike to happen, and go long on GBP/USD, and expect about 40 to 50 pips total move from pre-release price. If the number comes out at -7,700 or more negative, you may do a similar trade, but short GBP/USD instead.
2. Friday, February 9th, 2007 (7:00 am New York Time) CANADA
Then we have Canadian employment numbers coming out. It's expected that Canadian employment grew by 14K in the month of January. If the reading reads 40K or more, you can possibly wait for initial spike, then see retracement, and go short on USD/CAD. If the reading reads -15K or more negative, you can possibly wait for initial spike, see retracement, and go long on USD/CAD. I would expect a move of around 50 pips either direction, assuming that my triggers are hit... Remember, there is also unemployment rate that's coming out, and is expected at 6.1%. If there is a conflict by 0.2% or more on unemployment rate, I would suggest staying out of this trade.
We have UK trade balance coming out. We have three different numbers, but the most important one by far is the visible trade balance that's expected to come out at -6,900 million. If this number comes out at -6,100 or less negative, you may possibly wait for the initial spike to happen, and go long on GBP/USD, and expect about 40 to 50 pips total move from pre-release price. If the number comes out at -7,700 or more negative, you may do a similar trade, but short GBP/USD instead.
2. Friday, February 9th, 2007 (7:00 am New York Time) CANADA
Then we have Canadian employment numbers coming out. It's expected that Canadian employment grew by 14K in the month of January. If the reading reads 40K or more, you can possibly wait for initial spike, then see retracement, and go short on USD/CAD. If the reading reads -15K or more negative, you can possibly wait for initial spike, see retracement, and go long on USD/CAD. I would expect a move of around 50 pips either direction, assuming that my triggers are hit... Remember, there is also unemployment rate that's coming out, and is expected at 6.1%. If there is a conflict by 0.2% or more on unemployment rate, I would suggest staying out of this trade.
posted by Naveen Pantera at 6:11 PM
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