Brad Alexander
FX Large Limited
The risk-off attitude is continuing with US Indices even though we saw a spike with the Non-Farm Payrolls.
Yes. The US Non-Farm Payrolls were lower than expected giving stocks a boost but the sell-off continued.
We will look to go short on some indices but wait for confirmation.
For example, on the Dow Jones Industrial Average, we see price action heading for the upper trend line and MACD is still looking bearish.
However, we may want to wait for a bounce and possibly an overbought stochastic oscillator.
As well, you can see how the Non-Farm Payrolls gave us opportunities to trade with the trend by sending price action temporarily against the trend.
In the news this week we have US CPI and PPI which may sway the fed in their next Interest Rate Decision.
We have Employment and GDP figures out of the UK.
And a European Interest Rate Decision where we expect a lower rate so watch for volatility.
We see mixed strength and weakness in EUR pairs so a counter-trend move might give us some good opportunities.
We are mixed with GBP pairs as well so watch for Counter-trend price action just after the news.
For example if we see price action moving up in a bear run on GBPNZD so, if price goes higher, it may reverse to the downside later.
While we may offer market commentary based on fundamental or technical analysis, we do not offer trading advice and cannot be held liable for any decisions taken by viewers and readers of our material.
Recommended Content
Editors’ Picks
EUR/USD stays deep in red near 1.1050
EUR/USD trades deep in negative territory near 1.1050 on Monday. The broad-based US Dollar (USD) strength doesn't allow the pair to stage a rebound as market participants gear up for this week's key macroeconomic events.
GBP/USD remains under pressure, trades below 1.3100
GBP/USD stays under bearish pressure and drops below 1.3100 on the first trading day of the week. The US Dollar benefits from rising US Treasury bond yields and doesn't allow the pair to gain traction despite improving risk mood.
Gold rebounds toward $2,500 despite broad USD strength
Gold (XAU/USD) rebounds toward $2,500 on Monday after falling below $2,490 earlier in the day. Rising US Treasury bond yields and the renewed US Dollar strength, however, seems to be limiting XAU/USD's upside.
Over $100 million in token unlocks could affect crypto this week
Data from TokenUnlocks show key token unlocks worth $115 million scheduled for this week. The top three are Aptos (APT), Starknet (STRK) and Xai (XAI), these account for $115.80 million in unlocks this week.
Week ahead: ECB poised to cut again, US CPI to get final say on size of Fed cut
ECB is expected to ease again, but will it be another ‘hawkish cut’? US CPI report will be the last inflation update before September FOMC. UK monthly data flurry begins with employment and GDP numbers.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.