6/23/2015 German Flash Manufacturing PMI (0330 EDT)
Forecast: 51.5
Actual: 51.9
Previous Revision: +0.2 to 52.1
Services PMI
Forecast: 52.9
Actual: 54.2
Previous Revision: +0.1 to 53.0
SPIKE / REVERSE
Started @ 1.1285
1st Peak @ 1.1295 – 0330:01 (1 min)
10 ticks
Reversal to 1.1282 – 0332 (2 min)
13 ticks
Pullback to 1.1293 – 0334 (4 min)
11 ticks
Reversal to 1.1272 – 0350 (20 min)
21 ticks
Notes: The manufacturing reading came in 0.4 points above the forecast with a negligible upward revision on the previous report while the services reading also came in 1.3 points above the forecast with a negligible previous report revision. We saw a shortly lived long spike of only 10 ticks to reach the upper limit of the trend channel established earlier. Since the French report was also long but not sustained, expect the same here. With JOBB you would have filled long at about 1.1291 with 3 ticks of slippage, then seen it fall and hover 1-2 ticks in the red. Look to exit or reverse the order there due to the trend channel influence. It reversed for 13 ticks in 1 min before pulling back 11 ticks in 2 min. Then it reversed 21 ticks in 16 min as it crossed the 100 SMA. It also broke the upward trend channel and established a new channel downward that held until about 0505.