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Trading Gold with the Non-Farm Payrolls. Interest Rates in Focus.

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Welcome to this week’s Market Blast Fundamentals.

I’m Brad Alexander and on behalf of Valutrades, today we will take a look at AUDUSD, USDCAD, GBPUSD, Gold (XAUUSD), and USDJPY.

 

The USD is weaker, in the short term, against its major counterparts like JPY, GBP, CHF and EUR.Screenshot 2021-08-02 at 11.12.29

Gold, however, is ranging and showing us a bit of USD strength in this ranging market.Screenshot 2021-08-02 at 11.12.39

Ranging markets can be very good for trading major news events and XAUUSD can give us some great opportunities with American Economic News this week like the PMIs today and Wednesday, ADP Employment Change Wednesday and, of course, Friday’s Non-Farm Payrolls.

What we look for are bounces off support or resistance after a news event, or counter-trend price action bouncing off a trend line, when we open a position in the direction of the trend.Screenshot 2021-08-02 at 11.12.58

GBP is showing strength lately but this week’s Interest Rate Decision, and Governor Bailey’s Speech, will give investors and traders a good idea of how the UK economy is coming out of the pandemic with the employee furlough scheme ending in September.

Other key events include the Australian Interest Rate Decision and Retail Sales, European Retail Sales, and Canadian Employment Change and a PMI.Screenshot 2021-08-02 at 11.15.12

AUD is weak against all other currencies so, again, look to trade counter-trend price action if the economic news drives it in that direction. 

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.

CFDs and FX are leveraged products and your capital may be at risk.2 August EN TN

 

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This post was written by Graeme Watkins

CEO Valutrades Limited, Graeme Watkins is an FX and CFD market veteran with more than 10 years experience. Key roles include management, senior systems and controls, sales, project management and operations. Graeme has help significant roles for both brokerages and technology platforms.

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