Jobs Data was expected to ease over the prior period as the U.S. may have had a smaller amount of job opportunties for it's citizens during the month of May. It turns that the U.S. had more about 160,000 more job openings than was expected. So this is positive for a few reasons
- Data was expected to ease over the prior period but we didn't ease and instead the U.S. gained job opportunities during May.
- Data was better than expected by a significant margin when compared to previous job openings data releases.
This is Optimistic for the U.S. Economy. The impact of the News on price action has initially gone down and dropped from our 4Hr S/R level at 1.07018
Moving Forward I anticipate consolidation or a retracement in price while we hold above 1.06643.
If we continue our descent and USD news turns out to be strong enough, our next target is 1.06235. After that, and with NFP data on friday, we may continue to drop to 1.05435.
I took a buy at our weekly level 1.0665 when price creased the initial low created during the first 1 minute of news. I have since been stopped out by a small margin before price retraced in my anticipated direction but would take the trade once more given the chance.
Weekly Level's are quite strong area's on the chart. Stronger than Daily Level's! They Hold quite frequently as we can observe from the trading earlier in the day. 2 Hours after London open was when we initially tapped into 1.06643 Weekly Level. It coincided with the new 4Hr candle and explains why you can observe no bottom wick on the previous 4Hr candle. Big Players trading on the Higher timeframes are supporting a demand area here. As a scalper I have them to help with my intra-day activities.
- Data was expected to ease over the prior period but we didn't ease and instead the U.S. gained job opportunities during May.
- Data was better than expected by a significant margin when compared to previous job openings data releases.
This is Optimistic for the U.S. Economy. The impact of the News on price action has initially gone down and dropped from our 4Hr S/R level at 1.07018
Moving Forward I anticipate consolidation or a retracement in price while we hold above 1.06643.
If we continue our descent and USD news turns out to be strong enough, our next target is 1.06235. After that, and with NFP data on friday, we may continue to drop to 1.05435.
I took a buy at our weekly level 1.0665 when price creased the initial low created during the first 1 minute of news. I have since been stopped out by a small margin before price retraced in my anticipated direction but would take the trade once more given the chance.
Weekly Level's are quite strong area's on the chart. Stronger than Daily Level's! They Hold quite frequently as we can observe from the trading earlier in the day. 2 Hours after London open was when we initially tapped into 1.06643 Weekly Level. It coincided with the new 4Hr candle and explains why you can observe no bottom wick on the previous 4Hr candle. Big Players trading on the Higher timeframes are supporting a demand area here. As a scalper I have them to help with my intra-day activities.
Comment:
Thus far the Weekly Level holds steady 1.06643 after NY and Asian sessions. With 3 Red folder news events upcoming for the next NY session we will most likely see a partial Daily wick fill back to 1.06643 . Whether we hold or not, we'll see. We are consolidating currently as was anticipated after tapping into the Weekly level. Thats a good sign. Heavy volatility to come. Safe Trading.
Comment:
Price his hit our first target 1.07018 (4Hr Zone)
We still have 1 remaining red folder news event in PMI data in 40 Minutes.
I think it is possible we may rise to our 2nd target 1.07330 which is now officially our Daily resistance level rather than just a 4hr zone. Price is respecting 1.06643 as were were anticipating, and it did so through London .Safe Trading.
We still have 1 remaining red folder news event in PMI data in 40 Minutes.
I think it is possible we may rise to our 2nd target 1.07330 which is now officially our Daily resistance level rather than just a 4hr zone. Price is respecting 1.06643 as were were anticipating, and it did so through London .Safe Trading.
Comment:
Also note that the 4Hr candle jsut closed above 1.07018 which is a win for the bulls, probability wise.
Comment:
We have reached our second target 1.07330 and have even extended past that Daily Zone to the next 4Hr Zone 1.0748. Price is marching forward and beyond. Thanks to the Weekly Support Level 1.06643.
