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Market Wire Update:
Roll Up, The NFP Is Coming To Town
Forex Trader Note: The globally traded market has gone into the 1st Friday of the month’s regular routine of containing moves and reducing momentum, ahead of the U.S. Non-farm Payroll numbers. The volatility created by a release that is a majority of guesswork, with constant revisions to the previous month’s numbers, means that ahead of time there is little reason to have to move valuations. The expected read of -173K looks to be on the high side of optimistic, but as tenured traders know, this release has no peers in regard to missing it’s mark. Roll up, roll up, the NFP is coming to town.
Lots and targets: The near-term trends are completely mixed, as the market holds fair value on risk. Anything taken ahead of the closed 4 Hour candle price points shown below will require reduced lots and reduced targets.
Red Flag Economics:
04:30 EDT Gbp PPI Input Exp 1.6%, Prev -0.5%
07:00 EDT Cad Employ Change Exp 10.3K, Prev 30.6K
07:00 EDT Cad Unemployment Rate Exp 8.4%, Prev 8.4%
08:30 EDT Usd NFP Exp -173K, Prev -263K
08:30 EDT Usd Unemployment Rate Exp 9.9%, Prev 9.8%
Dollar Index: The 76.00 area now becomes the swing-point for the dollar index. A four hour close above/below that price point signals which way the market is willing to test the value of the Usd. Swing Point: 75.90
S&P Futures: The 1072 and then 1082 areas on the S&P are the near-term tops, that may see things retreat heavily from after the initial tests. The 1047 support area looks solid. Swing Point: 1055
Crude Oil: 80.20 and 81.05 are the topside numbers on crude oil trade, with 81.75 above that. There is a lot of noise at the 78.50 area. Swing Point: 79.80
Gold Bullion: 1075 on gold trade will be near-term support, and that area will likely catch the reversal of any long tests of 1095. The short side is protected by 1065. Swing Point: 1089