Gross Domestic Product (GDP) measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy. It is the broadest measure of economic activity and the primary indicator of the economy’s health.
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, there are 3 versions of GDP released a month apart – Advance, second release and Final, both the advance the second release are tagged as preliminary in the economic calendar.
Last Read : 4.2%
Expectations : 4.6%
Volatility : High Volatility
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Forecast : we have 5 scenarios for the USD :
- Scenario one : Between 4.2% – 5.0% , will bring sideways move for the USD.
- Scenario two : Between 5.0% – 5.4% , will bring light bullish move for the USD.
- Scenario three :above 5.4% , will bring strong bullish move for the USD.
- Scenario four : Between 4.2%- 3.8% , will bring light bearish move for the USD .
- Scenario five : Below 3.8% , will bring strong bearish move for the USD.
Market Impact :
EURUSD :
Trend direction : downward.
Support and resistance : 1.2900 , 1.2835 , 1.2800 , 1.2765 , 1.2735 , 1.2700, 1.2660 , 1.2600
Scenario 1 will bring sideways move or consolidation with possible to break lower .
Scenario 2 will break below the nearest support .
Scenario 3 could break below 2 support levels.
Scenario 4 will test the nearest resistance before the next fall .
Scenario 5 could break 2 levels higher before the next fall.
AUDUSD :
Trend direction : downward.
Support and resistance : 0.8950 , 0.8900 , 0.8850 , 0.8815 , 0.8725 , 0.8675 , 0.8600
Scenario 1 will bring sideways move or consolidation with possible to break lower .
Scenario 2 will break below the nearest support .
Scenario 3 could break below 2 support levels.
Scenario 4 will test the nearest resistance before the next fall .
Scenario 5 could break 2 levels higher before the next fall.
NZDUSD:
Trend direction : downward.
Support and resistance : 0.8150 ,0.890 , 0.8015 , 0.7960 , 0.7830 , 0.7755 , 0.7700
Scenario 1 will bring sideways move or consolidation with possible to break lower .
Scenario 2 will break below the nearest support .
Scenario 3 could break below 2 support levels.
Scenario 4 will test the nearest resistance before the next fall .
Scenario 5 could break 2 levels higher before the next fall.
USDCAD:
Trend direction : Upward
Support and resistance : 1.0985 ,1.1055 ,1.1150 , 1.1180 ,1.1235 ,1.1285
Scenario 1 will bring sideways move or consolidation with possible to break higher.
Scenario 2 will break above the nearest resistance .
Scenario 3 could break below 2 resistance levels.
Scenario 4 will test the nearest support before the next rise .
Scenario 5 could break 2 levels lower before the next rise.
Further Reading :
- EURUSD Intraday Forecast Sept 26 2014
- EURUSD Daily Forecast Sept 25 2014
- EURUSD Weekly Forecast Sept 22 2014
- AUDUSD Daily Forecast Sept 24 2014
- AUDUSD Weekly Forecast Sept 22 2014
- NZDUSD Daily Forecast Sept 24 2014
- NZDUSD Weekly Forecast Sept 22 2014
- USDCAD Daily Forecast Sept 26 2014
- USDCAD Weekly Forecast Sept 22 2014
