Trading Ideas for NFP November
Trade Ideas ahead of NFP
The markets have been on a rollercoaster ride this week, digesting Central Bank decisions, monetary policy outlooks and trade war uncertainty. This all played a part for volatility this week, and this does not even include the decison to proceed with the Trump impeachment.
With US Stocks reaching new all-time highs this week, and the flight to safe havens back in play, by way of both Gold and the Yen increasing in value – all eyes now are glued to today’s NFP release. The USD/JPY is an interesting market to watch, amid the Bank of Japan holding rates, bears have gone at this pair, seeing an opportunity to sell this pair below the 108s, opening up new monthly lows.
Philip just released a video on his ideas and you can see the link below, where he discusses several FX market opportunities and ways in which you can strategise around the Jobs report reaction.
Many “this week ahead” articles start off referencing the Coronavirus and how it is still front and center of many news and data headlines. However, we all know that, and therefore I felt that I should start this article with something more positive. A federal court of appeal has ruled against Trump and his proposed legislation to allow hunters to kill Yellowstone grizzly bears, stating that they were illegal. Yellowstone Grizzly bears are now officially protected by the Endangered Species Act once again. Here is your week ahead.
With price wars between Saudi and Russia, to negative oil prices all during the Coronavirus, Oil has had one of its most turbulent year to date. However, deep cuts from OPEC and a resurgence in oil demand has helped oil prices stabilize around the $40 mark – with Brent peaking just under $43.929, just short of the psychological $44 mark. However, this is shy of the $45.5 mark required to close the gap pre-coronavirus.
The Japanese candlestick tells uses a box and whiskers type format, changing between two colors dictating whether it closed higher or lower. Japanese candlesticks can be used for any time frame, and are used to describe the price action during that time frame.
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