Ticker tape by TradingView

Want Trade Alerts?

See all of our entries, exits, and analysis. 
Use code READER for 25% OFF!
Join VIP

December 3, 2021

What Mixed Job Numbers Means For The USD Right Now

Frank Cabibi

12/3/2021

This morning, the US reported their monthly Non-Farm Employment Change and Unemployment Rate which came in at a miss of only 210K jobs added along with a decrease in unemployment rate by 0.3% or a 4.2% unemployment rate.

Our outlook

Although the currency saw some downside initially, it might still be relatively good news as the USD could see some upside. This is because jobs are still being added, although not by as much as expected, and the unemployment rate for the US is the lowest it has been since May of 2020. This report always seems to add lots of volatility at first, but it seems like investors could take this news pretty well. If today we don't see much upside, I still think that the dollar has the potential to keep rising with the tapering discussion becoming for present along with the steady drop in unemployment.

Trade Setups

GBPUSD

GU just broke under a long term channel on the 1D chart indicating a further move to the downside. If price can close under this channel, we could find ourselves looking at a momentous short setup. Even if price comes back up inside the channel, it looks like there is weaker buying volume with each 1D candle, and could be a chance to hop in the short.

USDCAD

UC dipped back into the wedge, but quickly recovered and shows some hard rejection from the day's lows. A test at resistance around 1.28920 still looks probable on the 1D chart.

USDCHF

USDCHF came down to the 200 DMA today after a miss in NFP expectations in the US although unemployment rate dropped by .3%. The pair has help itself on that moving average for the past couple days and has shown some rejection from that level suggesting it may bounce back up to resistance around .92175.

new trade alert

Join The VIP Community!
Our entries, exits & analysis
Live Webinar Coaching
Trading Chatrooms
Strategy Library 
Use Code "READER" for $5 OFF!
JOIN NOW

FREE broker quiz

Need Help Finding The Perfect Broker?
Take our broker quiz and find out your best broker match!
FIND A BROKER

free Trading PLan

Download Now
Create a Trading Plan Using Our FREE Template
DOWNLOAD
A Market Surge Could Be About To Happen

A potential stock market surge could be gearing to happen soon as investors and analysts stay bullish. Some analysts are calling for a bottoming-out soon where price finds itself at a key level of support. Buyers look like they are ready to step in although stuck in volatile behavior that is rocking the discipline of […]

Read More
Read This Now Before You Buy Gold

Gold flies higher today amid inflation concerns in the US and globally. Even as treasury yields hit a 2-year high, the metal jumped above a key resistance level and is looking to test another. Gold Outlook Although we are seeing considerably high gains for gold in the short term, it still seems unlikely that the […]

Read More
How Much Money Do You Need to Trade Forex?

One of the most common questions we hear from beginner traders is "How Much Money Do You Need to Trade Forex?" and our answer is: well, it depends. The amount of money you need depends on your goals as a trader. Is your goal to make a lot of money or are you going to […]

Read More

Create a Trading Plan Using Our FREE Template

DOWNLOAD FREE
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
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram