Market Forecast Ahead of US GDP (Q.Q) !

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

It will be be published today at 12:30 GMT  , you can follow this event livegoo.gl/LOceky

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 :

MARKET DATA

UPCOMING ECONOMIC EVENTS