[10:00am NY Time]
US Existing Home Sales is expected to rise slightly from the
previous month as current foreclosure rate is still
remaining resiliently high. Here's the forecast:
10:00am Existing Home Sales
Forecast 4.60M Previous 4.57M
ACTION: USDCHF BUY 5.00M / GBPUSD BUY 4.20M
Definition:“Measures the annualized number of existing residential buildings that were sold during the previous month. A rising trend has a positive effect on the nation’s currency because large purchases tend to be made by consumers that are optimistic and confident in their financial position. The sale of a home also triggers commissions for real estate agents, and often home owners will purchase goods such as appliances and furniture shortly after purchasing a home.
The Trade PlanBecause the Housing sector is one of the most focused news events out of the US, this release will certainly cause some volatility in the market, especially if our tradable figures (+/- 400K) were hit. With the focus of the nation, and of the world, on the status of U.S. housing sector, this release may bring about a strong sentiment of risk appetite/aversion if our BUY/SELL trigger is hit…
If our buy tradable deviation is hit, or 5.00M figure is released, we should look to BUY USDCHF after the release. If our sell tradable deviation is hit, or 4.20M figure is released, we should look to BUY GBPUSD.
Book: SENTIMENT in the FOREX MARKET - Jamie Saettele
Book: SELECTIVE FOREX TRADING - Don Snellgrove
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