The Fundamental FOREX Blog

Today, Monday, 05-31-10, at 9:30 PM ET the AUD Retail Sales m/m and AUD Building Approvals MoM reports will be released.

I did a “follow up” of my last post of the AUD Retail Sales report on Monday, 04-05-10, click here to check it out.

Last time this report was released, I traded the currency pair AUD/JPY and had 2 winners – see “follow up“. However, the currency pair EUR/AUD had much better movement, so I will set up for a trade with that pair this time.

The AUD Retail Sales m/m and Building Approvals reports are released by the Australian Bureau of Statistics.

Lets take a look at what is happening today:

AUD Building Approvals m/m Stats:

Previous = 15.3%

Forecast = -4.9%

AUD Retail Sales m/m Stats:

Previous = 0.3%

Forecast = 0.3%

I have noticed that the FOREX traders seem to be paying some additional attention to real estate related news reports.

So I will be paying attention to how that comes out – hopefully both reports are going in the same direction.

Here is how I am set up for today:
AUD-9-30PM-ET-05-31-10
Looking for a 1.0% difference
Actual > Forecast = Good for AUD
AUD Building Approvals m/m
——actual———-forecast———-previous
________________-4.9%________15.3%
Out at -3.9% or higher – SELL EUR/AUD
Out at -5.9% or lower – BUY EUR/AUD
AUD Retail Sales m/m
________________0.3% ________0.3%
Watch that both go same way!!

I will be looking for a 1.0% difference between the “actual” and the “forecast”, probably set up to trade the EUR/AUD this time.

I did write a “follow up” post soon after this release, click here to see what happened.

The next scheduled release of the Building Approvals report is on Thursday, 07-01-10 at 9:30 PM ET.

And the next scheduled release of the Retail Sales report is on Wednesday, 06-30-10 at 9:30 PM ET

I will probably post a “preview” a day or two prior.

Past performances are not an indication of future results

So—Stay tuned!