Next 48h, market shifts attention to Nonfarm payrolls data.
As usual, I will post Payroll Heatmap on my FB page, Twitter, and webiste to forecast payroll data. Please check it on Thursday night for more detail.
Traders still hold a massive of LONG position of USD, and what I worry is that coming payroll data could be negative then wipe out more LONG position of USD.
We all expect a positive number to encourage traders continue putting their faith on greenback.
US data recently was mixed so that it's very difficult to position in FX market. I think we are very patient about US data.
- EZ economy performs very well: Inflation soared to 0.9%
- Australia GDP is stable at 2.3% beat the forecast.
If payrolls is worse than consensus, Definitely USDollar would be SELL agressively across the board in this month.
- I come back Technical Analysis.
Look at on the chart.
The red bearish arrow I draw on the chart : DXY rejected Kumo cloud and then move down. We need a break above Kumo cloud to confirm the uptrend. Now I see DXY bounces from Kumo cloud --> signal for continued downtrend.
The next problem,RSI Indicator
30 is the strong support: RSI tested this level three times then up to 62.50 : This is also a strong resistance.
I draw three black arrows show that RSI bounces from this level three times. I'm afraid that RSI would move down to support at 30 .
Levels to watch:
- Resistance at at 97.82
- Support at 93.25
And what is my view ?.
I think DXY would retest support 93.25 and RSI indicator will back to 30
I likely BUY EURUSD and SELL GBPUSD while keep BUY USDCAD.
--------------------------------------------------------
Any contact: LH admin: admin@trackingforexsignals.com
Support: support@trackingforexsignals.com
Best Regard!
- -TrackingForexSignals.com--
Do the Right thing- Think the right way.
As usual, I will post Payroll Heatmap on my FB page, Twitter, and webiste to forecast payroll data. Please check it on Thursday night for more detail.
Traders still hold a massive of LONG position of USD, and what I worry is that coming payroll data could be negative then wipe out more LONG position of USD.
We all expect a positive number to encourage traders continue putting their faith on greenback.
US data recently was mixed so that it's very difficult to position in FX market. I think we are very patient about US data.
- EZ economy performs very well: Inflation soared to 0.9%
- Australia GDP is stable at 2.3% beat the forecast.
If payrolls is worse than consensus, Definitely USDollar would be SELL agressively across the board in this month.
- I come back Technical Analysis.
Look at on the chart.
The red bearish arrow I draw on the chart : DXY rejected Kumo cloud and then move down. We need a break above Kumo cloud to confirm the uptrend. Now I see DXY bounces from Kumo cloud --> signal for continued downtrend.
The next problem,RSI Indicator
30 is the strong support: RSI tested this level three times then up to 62.50 : This is also a strong resistance.
I draw three black arrows show that RSI bounces from this level three times. I'm afraid that RSI would move down to support at 30 .
Levels to watch:
- Resistance at at 97.82
- Support at 93.25
And what is my view ?.
I think DXY would retest support 93.25 and RSI indicator will back to 30
I likely BUY EURUSD and SELL GBPUSD while keep BUY USDCAD.
--------------------------------------------------------
Any contact: LH admin: admin@trackingforexsignals.com
Support: support@trackingforexsignals.com
Best Regard!
- -TrackingForexSignals.com--
Do the Right thing- Think the right way.