This is an experimental idea in prediction, for the lack of anything else esp. leaping out at me. I think it's 1.30 UTC/GMT today the quarterly US GDP figure is announced: forecast is 1.7%. Critical factor to the markets: is that figure met, over or under?
Bit of market overshoot aside as this pair the most heavily traded I'm interested this morning as to how the EURUSD is behaving to the little fork I've drawn in, as the 'pricing in' effect takes shape. In particular looking at the current bear candle and how the drop is stopping / meeting resistance. The remainder of the candles formed over the last few days are a pretty good fit to the fork. There seems to me to be no particular other reason for it to meet such strong support at this exact point (1.32574)
Suggestive of GDP coming in under expectation, weakness to the Dollar/strength to the Euro.
Durable goods have already flagged this potential.
NB. A danger using this as a predictive tool is that candles etc do drop/rise in accord with Fibonacci movements.
The 'under' outcome is supported by vague positioning on similar in the DXY, bit more in USDJPY. If it is under then a rapid move up to approx. 1.345, the ML.
Bit of market overshoot aside as this pair the most heavily traded I'm interested this morning as to how the EURUSD is behaving to the little fork I've drawn in, as the 'pricing in' effect takes shape. In particular looking at the current bear candle and how the drop is stopping / meeting resistance. The remainder of the candles formed over the last few days are a pretty good fit to the fork. There seems to me to be no particular other reason for it to meet such strong support at this exact point (1.32574)
Suggestive of GDP coming in under expectation, weakness to the Dollar/strength to the Euro.
Durable goods have already flagged this potential.
NB. A danger using this as a predictive tool is that candles etc do drop/rise in accord with Fibonacci movements.
The 'under' outcome is supported by vague positioning on similar in the DXY, bit more in USDJPY. If it is under then a rapid move up to approx. 1.345, the ML.