In today’s live trading session, we completed technical and fundamental analysis for the majors as this week is Non-Farm Payroll (NFP) week.
As if the US economy wasn’t dealing with enough on its plate with the pandemic and tensions with China, it now has another problem. Racial tensions are rising in the nation as protests are turning violent across all of the major cities. Property and businesses are being looted amidst an ongoing pandemic. This week’s NFP numbers are set to once again be bearish, with an expected unemployment rate of 19.5%.
After completing technical analysis on the majors, it was clear that the majors were set to make new highs. In particular, AUDUSD, XAUUSD, and US Oil are looking to edge higher. USDCAD has continued the bearish bias that we had last week. We are currently waiting for the next four-hour candle closures to be sure of our biases. We also found a possible short for the exotic EURHKD.
With a lot of fundamentals riding on the US Dollar this week, we are set to experience some crazy moves in the markets. If we execute our plan and strategy correctly, we should be on the winning side of this volatility. We have been down this road before, but with all new variables at play, it will definitely be an exciting week to trade. As always, be safe and trade responsibly!
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