FX Trading Signals for Feb 21
1. Wednesday, February 21st, 2007 (4:30 am New York Time) UK
We have UK BOE minutes coming out from previous interest rate announcement, where UK government kept rates unchanged. The most important thing in this report will be the vote on the decision. Just to be safe, if you will be trading this report on your own, and the vote is at 6:3 or 5:4, you can possibly go long on GBP/USD, and expect a move of around 30 to 50 pips. That's the only suggestion I have for this one. You could try to go short on GBP/USD in case the vote is 9:0, but it maybe a slightly riskier trade that may recover back a lot quicker.
2. Wednesday, February 21st, 2007 (8:30 am New York Time) USA
Then we have CPI coming out of the US. I am planning to focus on CPI Ex Food and Energy (MoM), which is expected at around 0.2%. If the number reads at 0.4% or higher, it would signify extremely strong inflation, and you can possibly go short on GBP/USD. If the reading is at 0.0% or lower, it would signify no growth from previous month in inflation, and may possibly be bad for the dollar, so you can possibly go long on GBP/USD. These triggers are relatively safe triggers that may create a move beyond initial spike. If my triggers are hit, I would possibly expect a move of at least 50 to 70 pips or more.
3. Wednesday, February 21st, 2007 (2:00 pm New York Time) USA
Then we have FOMC meeting minutes coming out of the US. This will be a bit too difficult to explain on how to trade on your own, and price action from CPI will play a role also. So unless you know what you are doing, I suggest staying out of the market at this time.
We have UK BOE minutes coming out from previous interest rate announcement, where UK government kept rates unchanged. The most important thing in this report will be the vote on the decision. Just to be safe, if you will be trading this report on your own, and the vote is at 6:3 or 5:4, you can possibly go long on GBP/USD, and expect a move of around 30 to 50 pips. That's the only suggestion I have for this one. You could try to go short on GBP/USD in case the vote is 9:0, but it maybe a slightly riskier trade that may recover back a lot quicker.
2. Wednesday, February 21st, 2007 (8:30 am New York Time) USA
Then we have CPI coming out of the US. I am planning to focus on CPI Ex Food and Energy (MoM), which is expected at around 0.2%. If the number reads at 0.4% or higher, it would signify extremely strong inflation, and you can possibly go short on GBP/USD. If the reading is at 0.0% or lower, it would signify no growth from previous month in inflation, and may possibly be bad for the dollar, so you can possibly go long on GBP/USD. These triggers are relatively safe triggers that may create a move beyond initial spike. If my triggers are hit, I would possibly expect a move of at least 50 to 70 pips or more.
3. Wednesday, February 21st, 2007 (2:00 pm New York Time) USA
Then we have FOMC meeting minutes coming out of the US. This will be a bit too difficult to explain on how to trade on your own, and price action from CPI will play a role also. So unless you know what you are doing, I suggest staying out of the market at this time.
posted by Naveen Pantera at 12:52 PM
0 Comments:
Post a Comment
<< Home