Market ReportsThe calendar for this week has several high volatile market reports (although probably none as volatile as the Non-Farm Employment Change from last week).

The major market reports that traders will need to watch out for this week are:

  • Fed Chair Yellen Speaking, Monday, June 6th at 12:30pm
  • RBA Cash Rate and Statement, Tuesday, June 7th at 12:30am
  • GBP Manufacturing Production, Wednesday, June 8th at 4:30 am
  • Crude Oil Inventories, Wednesday June 8th at 10:30 am
  • NZD Official Cash Rate and Statement, Wednesday June 8th at 5:00pm
  • ECB President Draghi Speaks, Thursday at 3:00am
  • CAD Employment Change & Unemployment Rate, Friday, June 10th at 8am
  • Prelim UofM Consumer Sentiment, Friday June 10th at 10am

All times are in New York time.

Federal Chair Yellen will be speaking about the economic outlook and monetary policy at the World Affairs Council of Philadelphia’s luncheon.  Traders will be watching her comments for any signs or hints of the next date for a rate increase so volatility could increase during this time.

Additionally, the Aussie Dollar and New Zealand Dollar both have their Cash Rates and Statements this week.  These generally cause a high volatile move immediately after the announcement.  This is an excellent opportunity for a daily spread on the AUDUSD or AUDJPY forex pairs.  Especially if price reaches and ATR stop on a higher timeframe using the TradersHelpDesk Trend 2.1 and diverging volume is evident on the TradersHelpDesk Directional Volume indicator.  Although conditions could change between now and Tuesday, currently it looks like a retracement will be made on the 180 minute chart and quite possibly, if diverging volume appears, a move to .7717 could be in store for the AUDUSD.

We do have a lot of extremely high ADX values from Friday so the markets may retrace at the opening today before a trend continuation resumes, ie EURUSD, AUDUSD, GBPJPY, USDJPY, and USDCHF all have extremely high ADX values on the 45 minute charts.