In today’s live Forex trading session, we went over the present status of our US Oil long trade that was taken yesterday. We then discussed the ADP employment numbers for the US economy and trade setups for the Non-Farm Payroll release this Friday.
During yesterday’s live session, we discovered a possible long for US Oil. Once price action had confirmed our bias, RP Forex had called a buy signal for this trade. Since then, our first target of +40 pips was hit and the commodity went as high as +150 pips into profit. We had an overall target of 39.40, but today’s US Dollar fundamentals have put a hold on that for now.
Early this morning, the US ADP Non-Farm employment numbers came out substanially better than the forecast. The US economy had only lost 2.76 million jobs in comparison to the forecast of 9 million jobs. In addition to this, US Manufacturing printed a result of 45.5 versus the forecast of 44.2. This news had a small effect on the majors, but a huge effect on Gold and US Oil to a lesser degree.
As for potential setups to take for the rest of the week, we have identified a short for GBPNZD, a long for EURUSD, and a short for USDCAD. Once these setups are validated, a signal will be sent on Discord and Telegram by RP Forex. We hope you all are having a great trading week. We have yet to lose a trade this week (knock on wood) and have almost reached +300 pips. As always, be safe and trade responsibly!
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