Ticker tape by TradingView

June 2, 2022

New NFP Trade Setups

Frank Cabibi

ADP data just came out today with some disappointing numbers, furthering our sentiment towards a less hawkish stance from the Fed with a focus on economic expansion. Here are some new NFP trade setups for tomorrow's news.

Revised NFP Sentiment

Employment is predicted to be somewhere between 295-325K new jobs added. Analysts expected that jobs added will land somewhere less than last month's actual. This could push for a less aggressive stance by the Fed, although they were very clear about multiple 50 bp hikes in this year alone.

Additionally, economists expected an increase of 295,000 jobs from today's ADP, but saw less than half that amount this morning. This is highly concerning for the job market and economic growth. So, the Fed might switch up their stance a bit and focus on growth which would be bullish for risk-on pairs.

NFP Trade Setups

GBP/USD

nfp trade setups

Investors could be looking for a close above the 1.26000s for a clean sign of a breakout on the 4H. Yesterday's sell off resulted in a big demand zone which then led to several green candles in response. Price did touch higher than the resistance zone, but it couldn't close above. In order to see a test at the 1.29000s, price will need to do so before then.

Gold

Gold also seems to be bullish at the start of the New York session. The miss in ADP numbers is helping the metal gain a foothold over the dollar as price climbs 1%. Gold’s price is testing resistance in the $1860s and coming up to the 200 simple moving average on the 4H chart. The combination of a break in this level and a miss in NFP tomorrow could mean a test at the $1890s.

SPX500

SPX500 dipped under a supportive trend line before veering back up past support. This false breakout to the downside suggests that price could be looking to test resistance around $4200. A hard rejection from the lows may be due to the anticipation of a miss in NFP, however, volatile market swings could be in store for the index for the next few days. Right now, technicals point toward a push higher at $4200.

A1 Edgefinder

FLASH SALE
Take 40% off the Edge finder using code "READER"
GET ACCESS NOW

want to see what we're trading?

Join The VIP Community!
Our entries, exits & analysis
Live Webinar Coaching
Trading Chatrooms
Strategy Library 
Exclusive Trading Guides
Use Code "READER" for 10% OFF!
JOIN NOWJoin FREE Discord
A1 Trading Podcast
We Like These Pairs For Next Week

As this week comes to a close, we are looking ahead at future setups that could be some of the best opportunities for the next several trading sessions. Here are some pairs for next week that we are looking at. EUR/JPY Recent data has shown a slow down in the German manufacturing sector. With European […]

Read More
More Downside On The SPX500 After This?

When it comes to testimonies, it's all in how you say it. Jerome Powell has to be very particular in the way he makes his statements and answers the ensuing questions. Here is what might be in store for the market in the coming days and weeks, and whether or not there will be more […]

Read More
More Upside For Yen After This

The historically 'safe' currency to hold in times of recessions is in a unique situation now with a couple factors in place. Here is why the yen is stronger today as well as some trade setups that could push its value either up or down. Weaker Yen Now, Stronger Yen Later The Bank of Japan […]

Read More
DISCLAIMER: All comments made by TraderNick’s Forex Group, LLC are for educational and informational purposes only. All comments should not be construed as investment advice regarding the purchase or sale of any securities or financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities or financial instruments mentioned by TraderNick’s Forex Group, LLC. TraderNick’s Forex Group, LLC assumes no responsibility for your trading and investment results. All information on any of the platforms utilized by TraderNick’s Forex Group, LLC was obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. TraderNick’s Forex Group, LLC, its employees, representatives, and affiliated individuals may have a position or effect transactions in the securities and financial instruments herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves very high risk and may not be suitable for all investors. TraderNick’s Forex Group, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment result. Read our full disclaimer here
homescreensmartphone linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram