On the menu for this afternoon

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1330- US trade balance for October, exp -$42.5 bln after $-41.5 in Sept

1330- Canadian Oct trade balance exp C$-1.2 bln from C$-0.8bln

1500- US Dec IBD consumer optimism index , exp 50.5  from 48.6

1500- US Oct wholesale inventories, exp +0.4% m/m from +1.1%

1820- BOC Governor Carney speaks at the Toronto CFA society

5 Comments

  1. Hi Pete hope u saw the message yesterday. Made some good pips on my trades we discussed. Do you have an news on audusd? Up or down? I am short it but getting a bit worried before FOMC.

  2. No change in the bigger picture view in the a$, as upward ranging into the end of the year, but as part of a longer term topping (below the ceiling of the large triangle/pennant since July 2011) is still favored. May be forming a rising wedge pattern since Oct, and fits the view of another few weeks of ranging higher before completing a more important top .So for now, would trade ranges with an upward bias, looking to buy a pullback toward the base (currently at 1.0360/70), then being aggressive with trailing stops on approach of the ceiling (cur at 1.0515/25). Longer term resistance above there is seen at the ceiling of the large triangle/pennant (currently at 1.0580/95).

  3. Hi Pdowusu, well it’s rather range bound at the moment with talk of reasonable offers from 1.0500 up to barriers at 1.0525 and 1.0550. Some weight also being felt by the run off in AUD/NZD which is also helping cap the AUD/USD . ( see my earlier comment this morning http://www.forexlive.com/blog/2012/12/11/audusd-remains-wedged/ )

  4. Thanks Pete. One last question how would you trade the Japanese elections next week? A stronger or weaker yen?

  5. FYI: just in case anyone cares what owners of small businesses in the US are thinking right now: http://www.nfib.com/research-foundation/surveys/small-business-economic-trends

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