Hey Folks,
Last Friday saw some interesting but very poor trading off of the news. CAD Employment had a big leak/rumor beforehand, so most of the selling on the much better than expected number took place well before the news, so it was difficult to trade and limited in scope if you weren't privy to the rumor or didn't buy into it early. Nonfarm payrolls came in a bit better than the consensus, but most people woere looking for a good number, so the action afterwards was very mixed with rallies on the EUR/USD and selloff on the GBP/USD and USD/JPY really confusing the picture out there. Monday has no serious news events so there's nothing significant to preview for there. Technically speaking, the EUR/USD had a major breakthrough rally on Friday zooming up and through significant daily chart channel resistance and looks to be setting up for an assault on the March highs and 38% retracement in the mid 1.3700's. This push may fall short as I believe a lot of this risk and recovery based rally is running out of steam on the sentiment side of the coin. Many, many people are questioning the validity of these rallies and of a quick recovery, and as these doubts start to filter into price action over the next weeks, I believe we'll see a decent reversal lower on many pairs. Stocks are a bit harder to read for me right now, so I'll refrain from taking a short term stance there and chime in on stocks tomorrow. The first trades of the week we'll be focusing on are on Wednesday out of the UK, but there's also some event risk at 1700 on Tuesday with a statement from the RBNZ, so we'll be watching that in the Diamonds room as well. Until then, take care.
TRADE LIVE WITH SIR PIPS FOR $39.00 FOR 2 WEEKS
Sir Pipsalot has a live trading room, in which he trades these news reports. There, he shares his trades in real time, including exact entries and exits, and detailed explanation for every entry and exit. The service costs $299 per month, but we have a 14-days $39.00 trial. Go to Forex Diamonds and take advantage of this offer. This offer is for NEW customers only.
To our success,
Sir Pipsalot
Last Friday saw some interesting but very poor trading off of the news. CAD Employment had a big leak/rumor beforehand, so most of the selling on the much better than expected number took place well before the news, so it was difficult to trade and limited in scope if you weren't privy to the rumor or didn't buy into it early. Nonfarm payrolls came in a bit better than the consensus, but most people woere looking for a good number, so the action afterwards was very mixed with rallies on the EUR/USD and selloff on the GBP/USD and USD/JPY really confusing the picture out there. Monday has no serious news events so there's nothing significant to preview for there. Technically speaking, the EUR/USD had a major breakthrough rally on Friday zooming up and through significant daily chart channel resistance and looks to be setting up for an assault on the March highs and 38% retracement in the mid 1.3700's. This push may fall short as I believe a lot of this risk and recovery based rally is running out of steam on the sentiment side of the coin. Many, many people are questioning the validity of these rallies and of a quick recovery, and as these doubts start to filter into price action over the next weeks, I believe we'll see a decent reversal lower on many pairs. Stocks are a bit harder to read for me right now, so I'll refrain from taking a short term stance there and chime in on stocks tomorrow. The first trades of the week we'll be focusing on are on Wednesday out of the UK, but there's also some event risk at 1700 on Tuesday with a statement from the RBNZ, so we'll be watching that in the Diamonds room as well. Until then, take care.
TRADE LIVE WITH SIR PIPS FOR $39.00 FOR 2 WEEKS
Sir Pipsalot has a live trading room, in which he trades these news reports. There, he shares his trades in real time, including exact entries and exits, and detailed explanation for every entry and exit. The service costs $299 per month, but we have a 14-days $39.00 trial. Go to Forex Diamonds and take advantage of this offer. This offer is for NEW customers only.
To our success,
Sir Pipsalot
