In today’s live trading session, we went over our predictions for this NFP week and some promising setups we can look to take. The setups of particular interest were for GBPUSD, GBPJPY, and US Oil.
The growing concerns surrounding the Coronavirus aren’t the only thing that will move the markets this week. The Non-Farm Payroll Release (NFP) is happening this Friday. The true damage and effect of the pandemic on the US job market will be known then. Not surprisingly, the current forecasts suggest a drop in job growth and an increase in the unemployment rate. Lockdown of a country tends to do such a thing. In light of this, we set to take advantage of the presumably weaker US Dollar. We set to potentially long GBPUSD once it has cleared its previous high. In addition to taking a long on GBPUSD, we also have plans of doing the same for GBPJPY.
As the spread of the Coronavirus continues, the demand for Crude (Oil) continues to slip. Currently, US Oil is sitting near $20.10 per barrel. As discussed in today’s live session, a bearish 4hr closure below the $20.00 psychological level should resume the previous sell-off. Earlier this morning, we saw US Oil momentarily dip below $20, which was a 17-year low. As most health experts have stated, the worse is yet to come. We could see US Oil go as low as $17.00 per barrel.
By now, we are no strangers to trading NFP week. We know that it requires extra patience and discipline. Although, a handful of setups were analyzed today, only the most promising ones will be entered. Before Friday’s NFP release, we have events such as consumer confidence which will dictate the sentiment for the time being. Be sure to minimize your risk during the release of such data as markets can become wildly volatile. As always, be safe and trade responsibly!
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