Recap: Despite quickly jumping 20 pips into the profit we took a 40 pip loss on our short yesterday as bulls rallied back after the false break of our rising support.
Today's Important News Events:
|01:30||AUD Employment Change (MAY)||0.0K||7.0K|
|01:30||AUD Unemployment Rate (MAY)||5.1%||5.0%|
|11:00||GBP BOE Asset Purchase Target (JUN)||325B||325B|
|11:00||GBP Bank of England Rate Decision (JUN 7)||0.50%||0.50%|
|14:00||Federal Reserve Chairman Ben Bernanke Testimony to US Congress|
|23:50||JPY Gross Domestic Product Annualized (1Q F)||4.5%||4.1%|
|*To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar.|
Trading Idea: Given the recent bullish strength (on the back of Germany's new found willingness to once again fund debt) we are adding a long as our primary setup: we will look to get long on a resistance break with targets at 20/20/20/25 for 85 pips profit. We will also look to short a support break, moving our SL early and often to minimize the false breakout risk.