FX TRADING STRATEGY FOR NOV 28
Okay, tomorrow, we are having a very busy day with quite a few things going on.
1. Monday, November 27th, 2006 (8:30 am New York Time) USA
We have Durable Goods numbers coming out. We have the headline number and the core number. The core number is the more important one, and that'll be my focus. The core number expectations are all over the place, but most economists expect it to come out with a moderate growth versus last month at around 0 to 0.4%. If the number comes out at -0.5% or more negative, I may possibly go long on GBP/USD. If the number comes out at 1.0% or higher, I may possibly go short on GBP/USD. This move should be good for at least 30 pips, though 50 pips is also possible, especially if the number comes out negative and we go long on GBP/USD.
2. Monday, November 27th, 2006 (10:00 am New York Time) USA
We have U.S. Existing Home Sales and Consumer Confidence coming out. Both numbers are important, and I would definitely stay out if there is a conflict. The biggest focus will be on consumer confidence. It's expected to come out at 106.0, which is slightly higher than previous month's 105.4. If the consumer confidence comes out at 107.0 or higher, I may possibly go short on GBP/USD. If the consumer confidence comes out at 104.9 or lower, I may possibly go long on GBP/USD. Just make sure that housing doesn't conflict. It's expected at 6.14M. If it comes out at 6.20 or higher, and conflicting, I will exit all trades immediately, and stay aside and see what happens. If it comes out at 5.99M or below, and conflicting, I will exit all trades immediately and stay aside as well. This is a tricky report, but could be very profitable.
3. Monday, November, 27th, 2006 (7:30 pm New York Time) AUSTRALIA
We have Trade Balance coming out of Australia. It's expected to come out at around -1,070M. If it comes out at -1,400M or more negative, I may possibly go short on AUD/NZD.
If it comes out at -700 or less negative, I may possibly go long on AUD/NZD. Anything in between would be a no trade. If my trigger gets hit, I am expecting a move of around 40 pips or more on the AUD/NZD pair.
There is also Bernanke speech coming up at 12:30 pm New York Time. where he is going to give speech on US Economy Outllook and see if he says anything crazily good or bad that would affect the dollar.
1. Monday, November 27th, 2006 (8:30 am New York Time) USA
We have Durable Goods numbers coming out. We have the headline number and the core number. The core number is the more important one, and that'll be my focus. The core number expectations are all over the place, but most economists expect it to come out with a moderate growth versus last month at around 0 to 0.4%. If the number comes out at -0.5% or more negative, I may possibly go long on GBP/USD. If the number comes out at 1.0% or higher, I may possibly go short on GBP/USD. This move should be good for at least 30 pips, though 50 pips is also possible, especially if the number comes out negative and we go long on GBP/USD.
2. Monday, November 27th, 2006 (10:00 am New York Time) USA
We have U.S. Existing Home Sales and Consumer Confidence coming out. Both numbers are important, and I would definitely stay out if there is a conflict. The biggest focus will be on consumer confidence. It's expected to come out at 106.0, which is slightly higher than previous month's 105.4. If the consumer confidence comes out at 107.0 or higher, I may possibly go short on GBP/USD. If the consumer confidence comes out at 104.9 or lower, I may possibly go long on GBP/USD. Just make sure that housing doesn't conflict. It's expected at 6.14M. If it comes out at 6.20 or higher, and conflicting, I will exit all trades immediately, and stay aside and see what happens. If it comes out at 5.99M or below, and conflicting, I will exit all trades immediately and stay aside as well. This is a tricky report, but could be very profitable.
3. Monday, November, 27th, 2006 (7:30 pm New York Time) AUSTRALIA
We have Trade Balance coming out of Australia. It's expected to come out at around -1,070M. If it comes out at -1,400M or more negative, I may possibly go short on AUD/NZD.
If it comes out at -700 or less negative, I may possibly go long on AUD/NZD. Anything in between would be a no trade. If my trigger gets hit, I am expecting a move of around 40 pips or more on the AUD/NZD pair.
There is also Bernanke speech coming up at 12:30 pm New York Time. where he is going to give speech on US Economy Outllook and see if he says anything crazily good or bad that would affect the dollar.
posted by Naveen Pantera at 10:04 AM
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