In today’s live trading session, we went over the fundamental releases that occurred earlier in the London session. We then went over the current status of our NZDUSD trade and trades to take before the week comes to a close.
German and French Manufacturing PMI data came out better than the forecasts had predicted. This led to modest gains for the Euro during the London session. Early this morning the US Economy printed mixed fundamental data. For one, US Unemployment claims once again exceeded the forecast by printing 2.44 million claims. But, manufacturing PMI came in at 39.9 vs the forecast of 39.3. It seems that the positive manufacturing data holds more weight and thus has given the US Dollar some strength against the majors.
During yesterday’s session, we spotted an intraday setup for NZDUSD. Currently the setup is in minor profit and we expect further downside due to the positive manufacturing data. There are two setups we are currently waiting to enter. One is a long for USDCAD and the other is a short for EURJPY. For USDCAD, we would like price to clear the previous high before entering. For EURJPY. we want price to clear the previous swing low. The important thing is that we get that necessary 4hr break and closure.
A bit of a slower week in the markets as much of the world is in a wait-and-see mode for the Covid-19 pandemic. Some economies have started to open, while others are sitting on their hands. In the early parts of 2019, we had the ongoing trade war between the US and China which provided constant volatility in the markets. During this pandemic, the markets have been rather tame with bouts of volatility sprinkled in. Hopefully the next 36 hours are eventful and we can enter some of our pending setups. As always, be safe and trade responsibly!
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