In today’s live trading session, we discussed the important events in the week ahead of us as well as viable trade setups to take.
Not only do we have NFP this week, but we also have Canada Day and Independence Day (Fourth of July). Since the Fourth of July is on Friday, the NFP release has been moved to Thursday. The forecasts for all the USD fundamental releases this week suggest an actual result that is better than the previous result. This may suggest a bullish US Dollar and that would be very fitting for this Friday’s Fourth of July celebration.
As for trade setups to take, there are plenty. For one, GBPUSD should head to yearly lows if it decides to break the current daily support. USDJPY has just run into its daily resistance, and a break above should send the pair back to its yearly highs. Much of these moves will be predicated on the ADP and NFP releases this Wednesday and Thursday. As for the minors, we set to take intraday shorts for both EURCAD and AUDCAD.
Technically speaking, this week will be a three-day trading week. As we have Canada Day on Wednesday and Fourth of July on Friday. In addition to the short week, we also have multiple high-impact news releases. This week should definitely be an exciting one! As always, be safe and trade responsibly.
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