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Trading a Bad NFP Report. Will WTI “Fill the Gap” after Cyberattack?

   

Welcome to this week’s Market Blast Fundamentals.

I’m Brad Alexander and on behalf of Valutrades today we will take a look at WTI (US Oil), GBPJPY, Gold (XAUUSD), GBPUSD, AUDUSD and EURUSD.

 

Last week’s Non-Farm Payroll report dramatically missed analysts’s expectations which made the USD very weak against most currencies like the Pound, AUD and EUR.Screenshot 2021-05-10 at 11.28.20

Screenshot 2021-05-10 at 11.28.30You will note, on many charts, that price has passed some key levels and many market players see further USD weakness.Screenshot 2021-05-10 at 11.28.41

Gold, which we trade as a pair against the USD, was also very strong and we will take a look at this tomorrow from the technical side.

GBPUSD was also very bullish based on the bad US data but also on very positive election results from the UK this past weekend.Screenshot 2021-05-10 at 11.28.51

GBP was stronger against all other currencies, especially the JPY, and we will look for technical opportunities on these tomorrow as well.

But, in the meantime, watch your economic calendars for potential volatility and opportunities on GBP with 3 speeches by the Governor of the Bank of England and Wednesday’s Manufacturing Production and GDP results.Screenshot 2021-05-10 at 11.29.15

Also, watch for Wednesday’s Crude Oil Inventories Change as a cyberattack has shut down a major US pipeline and caused WTI to open with a price gap this week.

Better news on this pipeline will cause prices to fall and perhaps to “Fill the Gap”.

Thanks for watching and don’t forget to subscribe to our YouTube Channel and register on the Valutrades website to get notifications on new content as it happens.

That’s all for now.  Happy trading with Valutrades and we will see you tomorrow.

Disclaimer:

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice. If such information is acted upon by you then this should be solely at your discretion and Valutrades will not be held accountable in any way.

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