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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This entry was posted on Tuesday, March 3rd, 2009 at 4:01 pm and is filed under AUD News Data. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.