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US Existing Home Sales is expected to decline from previous month as current market situation is adding more pressure to the housing sector. Here’s forecast:

Existing Home Sales Forecast 4.70M Previous 5.37M
ACTION: USD/JPY BUY 5.10M SELL 4.30M

The Trade Plan
Because the Housing sector is one of the most important 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…

The plan for Existing Home Sales release from U.S. will be the typical retracement trading method, where we’ll wait for the release and then wait for a decent retracement before getting into a trade. Here is the forecast for this release:

Existing Home Sales Forecast 5.18M Previous 5.66M
ACTION: USD/JPY BUY 5.60M SELL 4.80M

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10:00am (NY Time) US Existing Home Sales       Forecast 5.36M      Previous 5.24M
ACTION: USD/JPY, USD/CHF                                           BUY 5.76M                SELL 4.90M