7:30pm NY Time AU Retail Sales Forecast 0.4% Previous -0.2%
ACTION: BUY 1.0% SELL -0.2% AUD/USD
Our focus today will be to look for a deviation of 0.6% from the forecast release of 0.4%. Therefore, if we get a 1.0% or -021%, we’d have our trigger to get in either on a LONG or SHORT trade depending on the release, with a high probability of seeing the market moving over 50 pips in the next 2 hours.
The Australian Dollar has been showing signs of recovery from recent rate decision and last week’s risk aversion movement. Because of the long term bullish outlook on this currency we’ll probably see limited downside potential. However, it’s important to note that recent RBA interest rate statement is pointing to a possible pause in their monetary policy, therefore although the trend is upward, some consolidation might take place in the event of a strong negative release.
DEFINITION
“Measures the value of sales at the retail level. A rising trend has a positive effect on the nation’s currency because Retail Sales make up a large portion of consumer spending, which is a major driver of the economy and has a sizable impact on GDP. Traders payclose attention to Retail Sales because it is usually the first significant indicator of the month that relates to consumer behavior and is susceptible to surprises.”
Related posts:
- Australia Retail Sales 03/30/2010
- Australia Retail Sales Trading Plan 05/31/10
- Australia Retail Sales 02/03/10
- Australia Retail Sales m/m 03/01/2010
- Australia Retail Sales Forex Trading Plan 12/01/10
- Forex News Trading Australia Retail Sales m/m 08/31/11
- Australian Retail Sales Forex Trading Strategy
- Forex Trade Plan For AU Retail Sales 08/30/10
- Forex News Trading Australian Retail Sales 11/03/10
- Australian Retail Sales m/m 01/06/10
