Welcome to another live trading session. In today’s Forex webinar, we went over the current status of our setups from yesterday and what we might expect for tomorrow’s ADP Non-Farm Employment Change result.
As of right now, we are not in any trade setup. We are still waiting for pairs like EURUSD and NZDUSD to confirm our entry criteria to enter short. This is not to say that the markets are consolidating, in fact, we have seen some major moves this morning. For example, XAUUSD (Gold) has plummeted to daily support at 1551. We made it clear that we would not short XAUUSD unless we get a bearish closure below 1550. Depending on how the ADP goes, we may have an entry as soon as tomorrow afternoon.
Earlier this morning, Donald Trump tweeted a statement that would lead us to believe the US Economy has add more jobs this past month. This tweet has caused much of gains against the US Dollar to be minimized. In light of Trump’s tweet, we are eyeing an enter to short EURUSD once again. Once our entry criteria has been confirmed, RP Forex will send a signal on Telegram with stop loss and take profit levels.
As this week is news filled, we have to be patient and careful when taking trades. The current market sentiment is bearish as fears regarding Coronavirus continue to loom. This has caused some confusion and indecision within the markets and it’s big players. We hope that this week’s NFP release could at least provide a clear direction for the US Dollar. As always, be safe and trade responsibly.
Check Out Yesterday’s Blog Post: February 3th, 2020