7:30pm (NY Time) AU Retail Sales m/m Forecast 0.5% Previous 0.9%
ACTION: AUD/USD BUY 1.1% SELL -0.1%
The plan for this release is to look for a deviation of 0.6% from the forecast release of 0.5%. Therefore, if we get a 1.1% or -0.1%, 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 weakness from yesterday’s rate decision, corresponding to the dollar rally that started last week. Because of the recent bullish run on this currency, we could see substantial retracement down below the 0.8800 should this sentiment continue. The long term perception for AUD/USD is still bullish, but only after a brief much needed correction.
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:
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- Australia Retail Sales m/m 09/08/09
- Australia Retail Sales 02/03/10
- Forex Trade Plan For NZ Retail Sales m/m 07/13/10
- Australia Retail Sales 03/30/2010
- Forex Trade Plan For NZ Retail Sales 08/12/10
- New Zealand Retail Sales m/m 11/11/09
- Australia Retail Sales Trading Plan 05/31/10
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- Forex Trade Plan NZ Retail Sales 09/13/10
