Recap: Our long from yesterday's signal was triggered at 3160 on the resistance break, right around the interest rate volatility, and quickly jumped to 20 pips in the profit before settling around 3150 for the remainder of yesterday and well into this morning. After going nowhere for 12 hours we closed out the long for a 10 pip loss.


Today's Important News Events:

DateTime (UTC)EventForecastPrevious
May 4
01:30AUD Reserve Bank Board - Statement of Monetary Policy

09:00EUR Euro-Zone Retail Sales (YoY) (MAR)-1.1%-2.1%

12:30USD Change in Non-farm Payrolls (APR)165K120K

12:30USD Unemployment Rate (APR)8.2%8.2%

*To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar.

Technically speaking the outlook is mixed at best. We had a very bearish support break earlier this week and that has us leaning bearish now, but the consolidation yesterday showed that the market is still undecided.

Trading Idea: Since it is Friday we will not be entering any new trades, but if we were we would be looking for reasons to get short as we are still bearish on the pair. No good S/R lines at the moment.

Have a good weekend and the site will likely be down for some upgrades this weekend. We are getting a new home page, new pro dashboard and more. See you Monday!