In today’s live trading session, we discussed the US Unemployment Claims release that occurred earlier in the morning. We then spent the rest of the session looking for some last-minute trades to take before tomorrow’s Non-Farm Payroll release.
This morning the US Labor Department reported that 6.60 million Americans filed for unemployment last week. This result is twice as much as the previous result. To clarify, the last result was 3.28 million which was a new record for the US. One would predict the US Dollar to be extremely bearish during the New York session, but that was not the case. In fact, the opposite occurred. We had EURUSD and AUDUSD fall a considerable amount in response to the release. We even had USDJPY, push +100 pips to the upside. This definitely goes against the normal reactions to such bearish news. But, NFP week is known for its surprises.
As this was a relatively slow week with many of our pending setups remaining pending, we put emphasis on finding trades to enter. We found a potential entry for AUDUSD, given that we clear the previous 1hr low. We also found an intraday short for CADCHF which has been stuck within a 150 pip range. We hope to maybe catch this next rejection at hourly resistance and take a quick short of 50 pips or so.
Tomorrow is the big day. Will the US print a 3.8% unemployment rate like expected or 30% which some experts are suggesting? Guess we’ll have to wait and find out. We will try to find some last-minute entries for minors so that we can squeeze some profits out before things get chaotic. We will discuss the release in detail during tomorrow’s live session. With that being said, please be safe and trade responsibly!
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Read yesterday’s article: US ADP Numbers Better Than Expected, But Is it Enough?
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