Trade On U.S. GDP, Technical Levels to Watch

Gross Domestic Product, it’s the broadest measure of economic activity and the primary gauge of the economy’s health. The United States is the world’s largest national economy in nominal terms and second largest according to purchasing power parity (PPP), representing 22% of nominal global GDP and 17% of gross world product (GWP).

Given that the US dollar is the strongest and most traded currency globally, the US GDP released data that will have a huge impact on US dollar strength and the US economy. A positive outcome means additional stamina to a currently strong USD, which means weakening other currencies and the opposite could be said. US GDP is scheduled for 22 of Dec at 1:30 PM GMT.

EUR/USD Technical levels to watch:

Weekly Pp 1.0496

Resistance levels: R1 1.0465, R2 1.0526, R3 1.0580, R4 1.0657

Support levels: S1 1.0350, S2 1.0285, S3 1.0163, S4 1.0120

GBP/USD technical levels to watch:

Weekly Pp 1.2535

Resistance levels: R1 1.2410, R2 1.2463, R3 1.2502, R4 1.2558

Support levels: S1 1.2320, S2 1.2259, S3 1.2197 , 1.2149

USD/JPY technical levels to watch :

Weekly Pp 117.12

Resistance levels: R1 118.64, R2 119.17, R3 119.69, R4 120.26

Support levels: S1 117.14, S2 116.46, S3 115.85, S4 115.24

AUD/USD technical levels to watch :

Weekly Pp 0.7364

Resistance levels: R1 0.7285 , R2 0.7323, R3 0.7366, .7412

Support levels: S1 0.7223 , S2 0.7186, s3 0.7152, S4 0.7111

Gold technical levels to watch:

Resistance levels: R1 1142.35, R2 1152.03, R3 1163.85, R4 1176.75

Support levels: S1 1125.61, S2 1116.02, S3 1107.96, S4 1102.05

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

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