In today’s live trading session, we went over the ADP employment numbers and which setups we could take for the rest of the week.
This morning the US economy printed a lackluster result of adding 160,000 jobs versus the forecast of 1.20 million. This result led to immediate weakness in the US Dollar and the US Dollar Index (DXY) has slipped closer to last week’s low of 92.50. This result could be an indication of this Friday’s unemployment data which may present a bearish result. As far as technicals are concerned, the Dollar remains bearish.
As for setups to take, we have four that we have our eye on. The four trades are all longs and they are for EURUSD, EURJPY, GBPUSD, and XAUUSD. We are currently waiting for daily/4hr confirmation, before entering as we want to ensure we are not being faked out to go long.
The midweek volatility has once again come in the clutch as we are moments away from entering several high probable setups. It would be ideal if we were to enter our long positions before Friday’s NFP release as we can then afford to move stops to entry and have a risk-free trade. As always, be safe and trade responsibly!
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