In today’s live trading session, we discussed this morning’s US manufacturing data and then completed analysis to determine possible trades for the week.
This morning the US economy printed a result of 57.1 versus an expectation of 50.0 for its non-manufacturing PMI. This measures the number of purchasing orders for non-manufacturing industries. Since the number is greater than 50, this suggests industry expansion. Last week we had better than expected NFP data and now we have this result, the US Dollar may be turning a new leaf here. This is why we are bullish on the US Dollar to start the week, but things could change.
As for potential trade setups to take, we have honed into 3-4 high probable setups. We expect possible long scenarios for CADJPY and NZDJPY as both inch higher and higher above their respective daily resistances. Another pair of trades that we are looking to take are shorts for EURNZD and GBPNZD. Currently, price is hovering above June’s low and we expect a selloff to commence once this low is cleared.
Last week was a very short week considering we had Canaday Day, Independence Day, and the NFP release. This weak is the complete opposite as we have five full days to trade with very little high impact news. During these types of phases in trading, it is important to understand that trading is a long-term journey and patience needs to be implemented. Rome was not built in a day and neither is trading success. As always, be safe and trade responsibly!
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