US Non-Farm Payrolls Deliver! WTI Falling to Support.
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), EURGBP, GBPUSD, Gold (XAUUSD), and USDJPY.
Last week’s Non-Farm Payrolls and Unemployment Rate were much better than expected sending the USD stronger.
Pay attention that price action stopped at key levels and we will look at these tomorrow.
We spotted a Falling Wedge on USDJPY last week and the Non-Farm Payrolls broke this and price action went in the bullish direction as predicted.
Gold fell sharply on the same news but note that the lows were at the same level of support from the Double Bottom from March and the current price is at the Neckline of that same Double Bottom.
GBP is stronger from last week, except against the USD of course, with optimism over the economy returning to normal and some relief from the “Pingdemic” which was impeding many employees from returning to their jobs.
But watch out for Economic Events from London which should drive price action like Thursday’s Manufacturing Production numbers and Gross Domestic Product Data.
Also, keep an eye on the Crude Oil Inventories as we see the price of WTI retreating back to this level of support at $66.
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.