In today’s live trading session, we went over the Non-Farm Payroll employment data and then determined trade setups to take next week.
As predicted, the NFP results came out far greater than expected. The US economy was able to drop the unemployment rate to 10.2% versus a forecast of 10.5%. This was done by the economy adding 1.76 million jobs in comparison to the forecast of 1. 53 million. This report led to an immediate reaction in the markets with the US Dollar Index pushing its way up to 94.00 as suggested yesterday. Many of the majors slipped against the Dollar, including EURUSD and GBPUSD for which we took trades for earlier in the week.
Now that NFP is out of the way, we can start to identify some near-term setups to trade. We are looking at the possibility of entering long for EURNZD as we were able to successfully identify its recent higher low. We expect price to surge to this past week’s high. Another trade we took a look at was for AUDNZD. We are speculating at a potential swing long, granted that we break and close above last weeks high. Furthermore, we have identified two possible intraday setups for EURUSD and GBPUSD. Both trades will be taken if price action remains unchanged Monday morning.
Due to Monday being a bank holiday and this week being NFP week, it was a rather short and sweet trading week. Despite this, we reinforced good habits by electing to not trade the event and keeping the overall trade volume low this week. Next week seems far smoother to trade and we can’t wait to get in on some of these setups. We hope you all have a great weekend!
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