US New Home Sales (Sep) stands at 467K , Buy USD on dips !

Forrex 6598989 5

New Home Sales measures the annualized number of new single-family homes that were sold during the previous month. This report tends to have more impact when it’s released ahead of Existing Home Sales because the reports are tightly correlated.

Usual Effect: A high reading or a better than expected number is seen as positive for the USD, while a low reading is negative.

Frequency: Released monthly, about 25 days after the month ends.

Last Read :466 K

Expectations : 470 K

Actual : 467

Volatility : High Volatility .

Trend direction : Upward

Market Impact : a reading between 466 K : 474 K , will bring sideways move within support and resistance range with possible to break higher.

Recommendations : buy USD on dips …

Technical outlook on USD-INDEX :

As  long as support 85.30 holds on a daily closing basis , outlook in USDINDEX remains on the upside  towards the 86.10 /86.85 levels , below the 85.30 levels will reverse risk towards the 84.52/84.30 levels before the next rise ..