We’ll be getting the Retail Sales figure from Australia today, and if you’ve been following news out of Australia, you’d know that Retail Sales has been a sticky point for aussie economy that a strong improvement may definitely change the short term trend for the currency. Here’s the forecast:
9:30pm NY Time AU Retail Sales Forecast 0.3% Previous 0.3%
ACTION: AUD/USD BUY 0.9% SELL -0.3%
The deviation that we are looking for the Australian Retail Sales m/m release is for a minimum of 0.6%. If we get a 0.9% (or better) or -0.3% (or worse), we’d look to get in either on a LONG or SHORT trade depending on the release, with a high probability of seeing the market move over 50 pips in the next 2 hours.
With the recent exaggerated depreciation of the AUD, we’ve reached a level that AUD has plenty of room to recover. If this release comes out strong, we could see a temporary shift in sentiment for the AUD as this week could be a strong risk appetite week.
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 Forex Trading Plan 12/01/10
- Forex News Trading Australia Retail Sales m/m 08/31/11
- Australia Retail Sales m/m 03/01/2010
- Australia Retail Sales 02/03/10
- Forex News Trading Plan For Australian Retail Sales 10/04/10
- Australia Retail Sales 03/30/2010
- Australia Retail Sales m/m 12/02/09
- Forex Trade Plan For AU Retail Sales 08/30/10
- Australian Retail Sales Forex Trading Strategy
- Forex News Trading Australian Retail Sales 11/03/10
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