12.30 UTC the delayed US market unemployment figures are released. (see here www.fxstreet.com/economic-calendar/) Rumour has it it will be better than expected.
Technically it's an odd one, hard to read. Because of the 'dollar dump' post debt ceiling many relevant charts show a flag/pennant, one would expect it to weaken the dollar.
All considered I'm gonna take a pot shot guess it will be marginally better than expected, give the dollar a very short boost, and the markets respond by taking as an opportunity to re-short the dollar, (although I'm thinking the dollar may show at least consolidation if not a bit of re-strengthening, even assisted, over the next month or two.)
I've marked in what I think might be the correct drop. I'm also interested to see if it knocks down XAUUSD to the 1291/ 1284 area to give the second inverse shoulder.
Here this is a bullish pennant v. channel / ML
If it does drop, it could give an inverse H&S pattern along the upper edge of the channel.
A couple of notes: the new Mod Schiff pitchfork perfectly parallels the old one.
Secondly it will be interesting to see market reaction either way. A more long term question: will the relevance of the NFP be fading?
Personally I'm going to stand and wait and trade the outcome.
Technically it's an odd one, hard to read. Because of the 'dollar dump' post debt ceiling many relevant charts show a flag/pennant, one would expect it to weaken the dollar.
All considered I'm gonna take a pot shot guess it will be marginally better than expected, give the dollar a very short boost, and the markets respond by taking as an opportunity to re-short the dollar, (although I'm thinking the dollar may show at least consolidation if not a bit of re-strengthening, even assisted, over the next month or two.)
I've marked in what I think might be the correct drop. I'm also interested to see if it knocks down XAUUSD to the 1291/ 1284 area to give the second inverse shoulder.
Here this is a bullish pennant v. channel / ML
If it does drop, it could give an inverse H&S pattern along the upper edge of the channel.
A couple of notes: the new Mod Schiff pitchfork perfectly parallels the old one.
Secondly it will be interesting to see market reaction either way. A more long term question: will the relevance of the NFP be fading?
Personally I'm going to stand and wait and trade the outcome.