Forex Market Trading May12 Preview

Forex Market Trading May12 Preview - The dollar rallied yesterday, after the boost by the report that didn't label China as a currency manipulator, and some fed hawkish statements yesterday, but that rally was short lived. The Forex Market hammered the dollar again, with the eur gaining 50, and gbp over 180 pips (after good uk data).

As for today forex market trading, I expect the trend in dollar weakness to continue. The major report to watch out for today is the US Trade Balance at 8:30 EST. The consensus figures are -$67 billion up from -$65.7 billion last month. Any fugure bigger than the consensus should push the dollar to new lows in the coming days. In my opinion, we should see 1.30 in eur and 1.90 in gbp very soon.

Here are the charts for today's forex market may12 preview. The eur and gbp are both in uptrends that should continue. Cable just made a nice ZLR Woodies CCI pattern on daily. I'll try to enter in it's direction today. Thanks for reading my forex market trading may12 preview.