Despite bullish ADP and Non-Farm Payroll numbers, the Dollar has it’s being pressured by bears once again to close the week. Oil longs are in profit and Gold is looking to give traders entry next week.
For much of the week, price action traders were anticipating a push higher for US Oil. This was determined by the price finally breaking above this year’s high. Traders entered earlier this week and are currently up +90 pips of profit with more on the way.
Even after positive job numbers, the US Dollar Index (DXY) was not able to gain much against the majors or commodities. As a result, Gold responded well to Thursday’s short selloff and is ready to edge higher. Once 1912 is cleared on the daily, traders can expect the next leg up to commence.
With the Dollar stuck in its erratic ways, traders hope that this week’s job numbers provide a greater sense of direction. Besides that, traders are also hoping that bulls can start to fight off the bears in the crypto market.
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- Read yesterday’s breakdown: Dollar Surges on ADP Job Report + Oil Longs Pending Entry
