In today’s live trading session, we went over our predictions for the Non-farm Payroll (NFP) release and what setups we could take this week.
A new month translates to a new NFP report for the US Economy. This month’s forecast indicates a slight improvement, with the unemployment rate dipping from 11.1% to 10.5%. Forecasts also have the US Economy adding 1.55 million new jobs. In comparison, technical analysis indicates a firm bear trend for the US Dollar. If DXY can clear 92.50, we predict the majors as well as commodities like Gold to continue their uptrend.
As for setups to trade this week, we have a few in mind. For one, we are looking to reenter long for GBPUSD as the pair has made its way back to 1.30000. If we see enough bullish presence at this price point, we could enter long and target December’s high. On the flip side, we are looking to short NZDJPY. After completing top-down analysis, we identified a major swing opportunity to the downside. Do take note that later in the day we have New Zealand employment data being released, so entry may be available afterward.
As yesterday was a bank holiday in Canada, today is our first day of trading. We are looking to ease into the week as NFP week can be very consolidated and manipulated at times. Tomorrow will be an important day as we have ADP employment numbers being released during the New York session. As always, be safe and trade responsibly!
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