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Market Spotlight: Trading Today's US GDP Release

30867 market spotlight trading todays us gdp release

USD GDP Up NextOn the back of yesterday’s hawkish FOMC meeting, the focus is now on advance quarterly USD GDP data due to be released later today. The market is looking for a firm bounce from the prior quarter’s 2.3% reading to 5.3%. If confirmed, this should add further fuel to the current USD rally, with the market now looking for reasons to anticipate increased hawkishness from the Fed as we head towards the projected March lift-off date. With this in mind, a strong reading today will keep USD well supported, particularly against higher-yielding risk linked currencies which are also taking a beating from the equities slide.Where to Trade US GDP?AUDUSDThe breakdown out of the bear flag structure has seen the market breaking through the .7112 support. With the retail market heavily long and both MACD and RSI firmly bearish here, the focus is on a continued push lower with a break of the .7009 level to open the way for a test of the .6833 level support next.

Source: Tickmill

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