We’re Back On!

November 9, 2015

We’re Back On!:
Just some light Monday morning reading to ease you back into your trading week.

After Friday night’s NFP carnage, the majors have this morning opened with slight gaps down that they are quickly racing to fill. The following AUD/USD 5 minute chart shows the carnage and the open quite well:

AUD/USD Daily:
151109_audusd_5minute
Click on chart to see a larger view.

The October US Non-Farm Payrolls report on Friday night came in at 271K compared to the 181K expected and a revised 137K previously. This 271K jobs gained was the strongest hiring pace this calendar year, adding fuel to the fire that lift-off in December is all but a formality.

These stellar numbers were backed up by comments from San Francisco Fed President John Williams who was speaking on Saturday at an education event in Tempe, Arizona. Williams spoke about why The Fed inserted a reference to its next meeting in its last release and tried to smooth market sentiment again.

“To my mind, the decision was a close call, in part reflecting the crosscurrents we’re navigating.”

“On one hand, the U.S. economy continues to grow and is closing in on full employment. On the other, in large part due to developments abroad, inflation has remained lower than we’d like.”

We’re back on!

———

On the Calendar Monday:
A quiet start to the week in terms of tier 1 data releases but we did get a juicy set of trade numbers out of China over the weekend which we can take a look at.

CNY Trade Balance (393B v 367B expected)

With Chinese imports again being smashed and a record trade surplus of $61.6 billion, the Chinese government has again had more pressure put on it to keep easing. The major contributing factor was again weaker than expected demand for commodities.

———-

Chart of the Day:
A post-NFP look at one of the more important majors in today’s chart of the day.

EUR/USD Daily:
151109_eurusd_daily
Click on chart to see a larger view.

After the NFP induced drop, price looks to have held that clean re-test of broken channel support. Is price going to reach the next level of support and look to make a new push toward parity?

Do you see opportunity in Forex trading?

Dane Williams – @VantageFX

Risk Disclosure: In addition to the website disclaimer below, the material on this page prepared by MT4 Broker Vantage FX Pty Ltd does not contain a record of our prices, or an offer of, or solicitation for, a transaction in any financial instrument. The research contained in this report should not be construed as a solicitation to trade. All opinions, news, research, analysis, prices or other information is provided as general market commentary and marketing communication – not as investment advice. Consequently any person opening a trading account and acting on it does so entirely at their own risk. The experts writers express their personal opinions and will not assume any responsibility whatsoever for the actions of the reader. We always aim for maximum accuracy and timeliness and ECN Broker Vantage FX shall not be liable for any loss or damage, consequential or otherwise, which may arise from the use or reliance on this service and its content, inaccurate information or typos. No representation is being made that any results discussed within the report will be achieved, and past performance is not indicative of future performance.

Social

Free Daily Market Update

Live Spreads

SymbolBidAskSpread

Spread

Sign up to the latest forex news and daily FX trading setups

Get started with a FREE $50,000 demo account