Forex Market Trading May16 Preview

Forex Market Trading May16 Preview - The majors got hit by dollar advance yesterday, with the usd gaining against all majors. Dollar gained 236 pips against the pound(from monday open) and 184 pips against the eur. Gold fell 34 $ to close at 678.20$.

In my opinion this maybe a temporary pullback, or it may be a complete reversal. See the chart for forex market trading may16 preview below. I'll let the chart tell me if the trend will continue or reverse. That's for the long-term. Today it's time for intraday forex trading strategies
You can still leave a comment about which strategy you want to be included and traded.

Forex market trading may16 preview for today brings a lot of economic reports. Here they are:

At 4:30 AM UK April CPI y/y (exp 2.0%, prev 1.8%) At 5:00 AM Germany May ZEW Current Situation Survey (exp 5.0, prev 2.9) Germany ZEW Economic Sentiment Survey (exp 60.0, prev 62.7) At 8:30 AM US April Core CPI (exp 0.2%, prev 0.3%) US April CPI (exp 0.5%, prev 0.4%) US April Core PPI (exp 0.2%, prev 0.1%) US April PPI (exp 0.7%, prev 0.5%) US April Building Permits (exp 2.045 mln, prev 2.094 mln) US April Housing Starts (exp 1.95 mln, prev 1.96 mln) At 8:45 AM NY Fed’s Geithner Speaks At 9:15 AM US April Industrial Production (exp 0.4%, prev 0.6%) US April Capacity Utilization (exp 81.5, prev 81.3) At 1:00 PM US Fed Board Governor Kroszner Speaks At 7:15 PM US Fed Chairman Bernanke Speaks

With this many reports on both sides of the Atlantic, it should be a interesting day. Now here the gbp chart to see what I was talking about here. The trend will probably resume, but it may just reverse, so I'll use caution and let the price give a clue of further direction.

That's all for this Forex Market Trading May16 Preview.