Forex News | Forex News Trading | Currency Trading News Video Blog

Here’s the forecast for U.S. Prelim. GDP:

8:30am (NY Time) US Prelim GDP q/q Forecast 1.5% Previous 2.4%
ACTION: USD/JPY BUY 1.8% SELL 1.2%

The Trade Plan
Our main focus tomorrow will be on the second of three quarterly (Q2) release of U.S. GDP number (Prelim). We are looking for a minimum deviation of 0.3% on the forecasted figure of 1.5%. Therefore if we get a 1.8% on the Prelim 2nd quarterly GDP, it would be US Dollar positive. We will BUY USD/JPY. However, if we get a 1.2% release or worse, then we would be SELLING USD/JPY. We’ll be looking to trade this release based on my Retracement Trading Method; since this is a high impact release, strong market volatility is expected immediately after the release.

We are also getting the Canadian monthly GDP release at the same time of this release, therefore I’d recommend to either trade the U.S. release or concentrate on the Canadian release, do not try to trade both of them together… Here’s the forecast for U.S. Adv. GDP:

8:30am (NY Time) US ADV GDP q/q Forecast 2.5% Previous 2.7%
ACTION: USD/JPY BUY 2.8% SELL 2.2%