In today’s live trading session, we went over our predictions for this week’s Non-Farm Payroll release. More importantly, we focused on the fate of the US Dollar and consequently the major currency pairs.
As discussed last Friday, we have a bearish stance on the DXY. Since then the DXY has broken support at 92.10, and based on our analysis we see a major selloff ready to commence. The next key level for the index is at 89.00. We could see this move occur this week if the ADP and NFP numbers are bearish. Current forecasts, however, show a bullish result for the employment numbers. We will try to take advantage of the present bearish momentum before Wednesday’s and Friday’s fundamental releases.
As for setups to take this week, there are several to choose from. For one, EURUSD looks ready to run 2017’s highs. GBPUSD has already begun the upside rally that was discussed last Friday. It’s far too late to enter this trade, but our original target is 1.35000. Similarly, we see buy setups developing for both NZDUSD and AUDUSD as well. Price action tends to be calm on Mondays so we may have to wait until the London session to get entry into these trade setups.
Last week was fantastic as we were able to secure a decent amount of pips without losing a single trade. Discipline will be an important trait to have this week as NFP is notorious for punishing inexperienced traders. We are confident that if we respect the markets by not chasing trades, we will be rewarded in the end. Let’s have a great trading week. As always, be safe and trade responsibly!
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