Trade Opportunity Tonight - March 3, 2009
Written by Dustin Pass on March 3, 2009 – 4:01 pm -TRADE OPPORTUNITY TONIGHT
Australian GDP
There is an opportunity to trade tonight when the Australian GDP is released at 7:30pm EST. Your focus should be on the GDP (QoQ) figure, and the expectation for this release is 0.2%. We have placed a safe trigger of 0.4% for this release; however, you may be able to lower the trigger to 0.3% and still have a fairly safe trigger. We have historically seen moves of around 25 to 40 pips when this release has met the safe deviation.
We would prefer to see a sell trigger as the AUDUSD is currently in a down trend, although it made a strong move up after the RBA decided not to change interest rates last night. There is strong resistance at the 0.6450/60 area, so if there is a buy trigger tonight you may want to get out at that area as there will be less chance of a sustained move on a buy trigger.
Below is a chart on the AUDUSD from the last time this release met a 0.3% trigger last June.
Live Trade Room
We will not have the Live Trade Room open for this trade, but I wanted to make you aware of the opportunity.
Live on the News
Our next Live on the News trade opportunity will be on Friday when the US Non-Farm Payrolls report is released.
Good Luck!!!!
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Tags: australian gdp, dustin pass, forex traders daily, live on the news, live trade room, nfp
Posted in AUD News Data |