Forex Market Trading May19 Preview

Forex Market Trading May19 Preview - After the dollar fall yesterday to 1.2848 against the euro and at 1.8928 against gbp, we have a Woodies CCI ZLR pattern on the daily chart you see above (click on it to enlarge to fullscreen). It's not a clear cut ZLR as there's not much follow through not the way I like them. Gbp and yen don't have this pattern, chf has a similar ZLR but them again usd / chf is a mirror image of eur / usd. Still I plan to take this ZLR on lower timeframe with a tight stop, but I will use caution.

Forex market trading for today has a number of reports coming out, the most important will be Bank of Japan Monetary Policy Announcement, the expectation are the Bank of Japan will keep interest rates near zero, but forex traders will be scrutinizing the statements for any changes of the language the Bank of Japan will use. Of the other reports the important ones are:

Forex Market Trading May19 Reports -
EUR German Producer Prices (MoM) (APR) 2:00 cons 0.7% prev 0.5%
EUR German Producer Prices (YoY) (APR) 2:00 cons 5.8% prev 5.9%
EUR French Gross Domestic Product (QoQ) (1Q P) 2:50 cons 0.6% prev 0.4%
EUR French Gross Domestic Product (YoY) (1Q P) 2:50 cons 1.8% prev 1.5%
GBP Public Finances (PSNCR) (pounds) (APR) 4:30 cons -0.7B prev 16.0B
GBP Public Sector Net Borrowing (pounds) (APR) 4:30 cons 0.6B prev 7.0B
CAD Retail Sales (MoM) (MAR) 8:30 cons 0.6% prev -0.4%
CAD Retail Sales less Autos (MoM) (MAR) 8:30 cons 0.7% prev 0.3%

Good trading everyone, all comments are welcomed, that's all for this forex market trading may19 preview.