US unemployment claims rose higher than expectations which were 345K, last week's numbers were 371K, and today's numbers were 373K. Previous: 371K Forecast: 345K Actual: 373K
This news says a couple things about the US economy. And to refer to points made in last week's article on US unemployment, we can see that the labor force has increased. So, naturally more people are looking for jobs, and businesses are still struggling to hire. It's almost like we have to contradicting factors here which might be clearer in the big picture, but keeping track of this data on a week-to-week can be confusing sometimes.
Recent jobs numbers looks bad in the short term, but the fact that more people are entering the work force and businesses are still aggressively trying to hire is a good sign in the long term. In my opinion, it's like a great transition from civilians living on unemployment to them now out looking for job opportunities. People who were used to working at home are now trying to find opportunities remotely, and for better or worse, businesses will have to adjust to that. So, it is a very weird time in the US and the world, but this mixed sentiment seems like it's all part of a new era of employment, technology in the workplace, and business's adjustment to the new sentiment. In my opinion, this is not really a time to trade (intraday), but it is a time to look to invest because there will be a lot of noise in the short term and this type of environment calls for big picture plays.
US equities seeing a huge market sell off in the premarket as price is already down 1.5% on the day. Price crossed under support and could be heading lower to $4269. Jobless claims rose this week as more people enter the work force. These dips look like good opportunities to find some potential long trades, however, significant risk is involved since these sell offs happen very quickly and harshly.
NAS100 has a similar setup on the 4H. Two hard rejections from the lows from the two recent candles suggest a move higher. A close around this price would be a good sign for tech bulls, but a dip lower means support would be hit around $14,440.
The dollar index is moving synchronously with the market and is down close to 0.50% on the day. Price could come test a supportive trend line on the 4H, but if it dips, price would probably test additional support around $91.441.
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 […]
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 […]
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 […]
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