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Good day forex trading koalas.
Today is Friday and yes it is the end of the week. I hope you have been trading well.
On Wednesday, we noted weak ADP Non-Farm Employment Change data and sentiment was low. Investors were worried about the employment market. On Thursday, better than expected US pending home sales brought hope to investors.
Looking at the EUR/USD chart above, we see strong bullish momentum in action since mid week.
The S&P 500 is just slightly under 1100 now, indicating positivity in the market.
In the meanwhile, oil remains around $73+.
Gold remains around $1250, indicating that risk aversion is still lurking with such elevated prices.
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The US Non-Farm Payroll came out better than expected. While this may seem like a great news, we must dwell deeper into the figures.
As good as it looks, it is still MINUS 54K. This means folks are still losing their jobs. As employment is rated to consumer spending, this will continue to be a drag on the economy. The unemployment rate remains at 9.6% and this is high.
The US ISM Non-Manufacturing PMI also came out worst than expected and hence the general market condition is still rather bleak.
From a technical point of view, the currency pair shot up towards the line of 1.2880. I LOVE IT WHEN MY CHART WORKS !! This may function as a resistance.
Trade Safely.
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Apologies and apologies for missing out on reviews. As much as i want to, i am often sick and there seems to be no way for me to endure the days and nights. Multi vitamins don’t really help and i am at a loss! ARRRGGHHH.
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