In today’s live trading session, we went over the current status of our trades, and then we discussed today’s ADP employment numbers.
During yesterday’s live session, we looked at several pairs containing the New Zealand Dollar. We determined a bullish bias for the pair as price action for NZDUSD indicated a next leg up. Based on this, we chose EURNZD as a trade to take. It was clear as day that EURNZD was set to go lower, and with keeping things simple, we entered the trade. The trade is currently up +120 pips with more to come.
This morning the US economy printed it’s ADP employment numbers. This release reflects the number of jobs added excluding the farming and government sector. The US economy printed an abysmal result of 428,000 versus a forecast of 1.25 million. Surprisingly, this did not have a bearish effect on the DXY. Instead, the index continued its uptrend to 93.00. Rarely does this ever happen, but we speculate that there is some manipulation occurring. This is why we have made the decision to wait until today’s daily closure to determine our trade entries.
It’s becoming a real trend where Wednesday’s tend to be our best trading day. We are looking to maybe get into 2-3 more trades before Friday’s NFP result, which will undoubtedly move the markets. In tomorrow’s live session, we will let our members know about our predictions for NFP. Recall, last NFP was predicted perfectly by us. As always, be safe and trade responsibly!
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- Read yesterday’s breakdown: USD Fights Back on Positive PMI Data + AUDJPY Long
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