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USD Strength, Stock Weakness On U.S. GDP

Sameer Kapoor 30 August 2013

USD Strength, Stock Weakness On U.S. GDP US Prelim GDP q/q came out 2.5% vs. 2.2%. USD moved slightly higher against it's rivals, hitting a new high against the EUR and CHF. US stocks futures are slightly lower and it seems there is more ahead.

DJIA futures reversing from 38.2% Fibo, but still need 14780 break for decline into fifth down towards 14700. DJIA 1h Elliott Wave Analysis EUR/USD pair hits 1.3231 after the US GDP report and based on the sharp decline from 1.3342 we could see an extension down to 1.3200 in the next two sessions, either within current wave (iii) or after (iv). EURUSD 30-min Elliott Wave Analysis