07.19.07
Daily Forex Trading Signal
There are only one Daily Forex Trading Signal for tomorrow. So check it out.
1. Thursday, July 19th, 2007 (4:30 a.m. New York Time) UK
Tomorrow we have only one report coming out that I feel is worth watching and possibly trading, and that’s the UK retail sales. It is expected to come out at around 0.3%. In my experience, if we see retail sales reading coming out at 0.5% or higher, we may possibly see a move up of 35 pips or more on GBP/USD. On the other hand, if the retail sales come out at 0.1% or lower, we may possibly see GBP/USD going down by 35 pips or more in the first hour of the report. Please be aware, however, if the GBP/USD is close to some strong resistance or support levels right now, like 2.0550 is very strong, if the price would be, say, 2.0520, the move may go to 2.0545 only. It always depends on how big the deviation is and where the price is. The bigger the deviation, the bigger the chance that we can break some strong levels, and the bigger the move could be. That’s a very violate report so I am hoping we will get a very good trade on it.
SUMMARY:
* Report: UK Retail Sales
* BUY on GBP/USD if the number will be 0.5% or higher
* SELL on GBP/USD if the number will be 0.1% or lower
* If the trigger is hit, we may see a move of 35 pips or more in the first hour of the report.
