In today’s live trading session, we went over setups that we could potentially take this week along with a quick overview of the forecasts for the Non-farm Payroll Release.
This week is the Non-Farm Payroll Release (NFP) for the US Economy. The release is expected to print an unemployment rate of 16% and a loss of -20,050k jobs. If these numbers hold true, then we can see a substantial amount of weakness in the Us Dollar. In particular, we could see XAUUSD (Gold) hit 1750 and maybe even 1800 this week.
As for setups to trade today and this week, there are two of particular interest. One is an intraday long for CADCHF which can be taken once confirmation occurs on the 4HR time frame. Another promising setup that can be a home run trade, is a short for GBPAUD. This potential short is a replica of the one given last week. We could see a similar trade play out which can result in a gain of up to +200 pips.
Much like last week, we will take a relaxed and calculated approach to this week. NFP week can be tricky to trade due to long bouts of consolidation followed by unexpected surges in volatility. That is why it is best to ease into the trading week otherwise you’ll be holding trades in drawdown which is not ideal. As always, be safe and trade responsibly!
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