Possible $380 to $385 bounce pending Payroll Report & Yields
Nonfarm Payrolls measures the change in the number of people employed during the previous month, excluding the farming industry. Job creation is the foremost indicator of consumer spending, which accounts for the majority of economic activity.
A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.
If the non-farm payroll looks decent, this should give the market a little room to breathe but not for long as yields continue to climb. I would just use this opportunity to reposition oneself before the next leg down. NOW, if non-farm payroll data is bad, to include rising yields, then we could see a sell off first thing this morning.
Either way, I still hold the Daily chart in a downtrend formation with intraday charts setting up for a possible bounce.
A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.
If the non-farm payroll looks decent, this should give the market a little room to breathe but not for long as yields continue to climb. I would just use this opportunity to reposition oneself before the next leg down. NOW, if non-farm payroll data is bad, to include rising yields, then we could see a sell off first thing this morning.
Either way, I still hold the Daily chart in a downtrend formation with intraday charts setting up for a possible bounce.
To The Moon Trades
