Forex Trading Signals by Magister Pips, 2012/01/25
1000 US Pending Home Sales m/m (-1.0% expected, +7.3% prior, -8.1% to +7.0% range)
Affliated Reports:
US Pending Home Sales y/y (+6.9% prior)
Last month a +5.8 on this m/m figure did lead to a rally in the EMini S&P 500 future contract.
It moved from around the 1250.00-50 level to about 1254.00 over 35 minutes. There was an
initial move from to 1252.75 in the first 5 minutes, but then a pullback of 15 minutes until
a the further high at 1254 was attained. The Index did continue to slowly grind up thru-out
the session and reached 1257.75 or 1258 by the close. The USDJPY actually sold off on this
news but only 10 pips or so as USDJPy doesn't always move that much, when it does it can move
alot like we have seen this week, so don't write USDJPY potential to achieve further gains
on this news under the present circumstance of breaking the 4.5 year downtrend line of 77.35.
If the number is bad then it might give a chance to get into this new trend, if that is indeed
what is happening. CADJPY had a better move of 20 pips of this positive deviation last month.
Still this is a minor report and EMini S&P is the best to trade it with for a few points.
Might be better not to spike trade but let it come out, watch price action to confirm the price
is moving according to the news deviation and then enter into the trend on a pullback.
-If it comes out at +7 or higher, Buy EMini, USDJPY or CADJPY
-If it comes out at -8 or lower, Sell EMini, USDJPY or CADJPY
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