The Fundamental FOREX Blog

Tomorrow, Tuesday, 08-24-10 at 10:00 AM ET one important USD report is to be released, this is the USD Existing Home Sales report, released monthly by the National Association of Realtors.

This report will be released alone with 1 other:

USD-Richmond Manufacturing Index

Released monthly by Federal Reserve Bank of Richmond

I did not record the reports for the months of  April and May

I did enter one trade of the currency pair USD/CAD last month – it was a loser!

The USD/JPY currency pair would have been a better trade!

I did a “follow up” post on the July reports, click here for a review.

Here are the stats for this month:

USD Existing Home Sales stats:

Previous = 5.37 M

Forecast = 4.66 M

This “forecast” indicates that there will be an decrease of home sales of about 71,000 homes over last months sales.

Here is how I am set up for tomorrow:

USD-10-00AM-ET-08-24-10
Looking for a 20K difference
Actual > Forecast = Good for USD
USD Existing Home Sales
——actual——–forecast———-previous
______________4.66M________5.37M
Out at 4.86M or Higher – BUY USD/JPY
Out at 4.46M or Lower- SELL USD/JPY

I think that a good difference between the “actual” and the “forecast” of say 20K or more could present a brief “scalp” opportunity with the currency pair USD/JPY currency pair.

I did post a “follow up” on the results of this report, click here to see what happend.

The next release of theses reports will be on Thursday, 09-23-10 at 10:00 AM ET.

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

So, stay tuned!