In today’s live trading session, we went over the Australian unemployment data release and the lack of effect it had on the Aussie. We then went over the current status of our GBPJPY and GBPUSD trades.
Last night the Australian government published their unemployment data and it was below the expectations of investors. For one, the economy saw a loss of 228K jobs. This resulted in the unemployment rate jumping up to 7.1%. If you took a look at the markets, in particular the Australian Dollar, you’d noticed it had a muted reaction to the release. This was a real disappointment as members in the Forex Trading Room were eager to finally enter short for this pair. This lack of reaction was also seen in NZDUSD, for which we had a setup for as well.
During the start of the London session, RP Forex called an intraday buy for GBPJPY. This trade went up near 25 pips, before stopping us out at -50 pips. Our first substantial loss in quite some time. We bounced back this morning with a short for GBPUSD. Currently, this trade is up +30 pips, and we expect more to come. As for trades to take before the week comes to a close, we are eyeing CHFJPY and GBPNZD shorts.
This has to be the slowest week RP Forex has encountered since he has been with Forex Lens. A vast amount of pending setups have remained pending as price action has stalled for the most part. As a veteran trader, RP Forex is not too worried about weeks like this one as they are a rare occurrence. The point he wants to emphasize is that its better to end the week at breakeven or a slight profit, rather than in a loss because trades were forced. As always, be safe and trade responsibly!
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