The US NFP Report for May is predicted to show 8,000K job losses and an unemployment rate of 19.8%. Forex traders can compare this to the US NFP Report for April, which showed 20,537K job additions and an unemployment rate of 14.7%. Private Payrolls for May are predicted to show 7,500K job losses and Manufacturing Payrolls 440K job losses. Forex traders can compare this to Private Payrolls for April, which showed 19,557K job losses and to Manufacturing Payrolls, which showed 1,330K job losses. The Average Work Week for May is predicted at 34.3 hours. Forex traders can compare this to the Average Work Week for April, which was reported at 34.2 hours. Average Hourly Earnings for May are predicted to increase by 1.0% monthly and by 8.5% annualized. Forex traders can compare this to Average Hourly Earnings for April, which increased by 4.7% monthly and by 7.9% annualized. The Labor Force Participation Rate for May is predicted at 60.3%. Forex traders can compare this to the Labor Force Participation Rate for April, which was reported at 60.2%.
Our Analysis:
Should price action for the USD/CAD remain inside the or breakdown below the 1.3400 to 1.3500 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3465
- Take Profit Zone: 1.3100 – 1.3200
- Stop Loss Level: 1.3585
Alternative scenario:
Should price action for the USD/CAD breakout above 1.3500 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3585
- Take Profit Zone: 1.3740 – 1.3820
- Stop Loss Level: 1.3500
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