In today’s live trading session, we went over the all-important Non-Farm Payroll (NFP) release and what that may entail for the Forex market. We then spent some time finding trade setups and arrived at the possibility of shorting both GBPUSD and NZDUSD.
This morning we had the NFP Release and the United States economy did not disappoint. The US economy was able to add 4.8 million jobs versus the forecast of 3.00 million. Consequently, the unemployment rate dropped to 11.1% versus a forecast of 12.4%. A fitting result right before tomorrow’s Independence Day. The Federal Reserve believes that if economic data can continue in an upward trajectory, the current monetary policy can be loosened in the coming months.
In light of the positive economic data, many of the majors slipped against the US Dollar in the early morning. In today’s session, we were able to find two promising setups that can take advantage of the stronger Dollar. The pairs are NZDUSD and GBPUSD. Both these pairs have reached a key four-hour high and have rejected them. We feel it is now time for a sell-off back down to last week’s lows.
With NFP out of the way, we have a full 36 hours of relatively peaceful trading. However, the markets may be slow and consolidated as tomorrow is Independence Day. Ideally, we would like to be out of our trades by Friday at noon. As always, be safe and trade responsibly!
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