Friday June 2, 2017 - 08:59:12 GMT
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Amazing Trader Ideas For 2 June 2017
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The focus today is on the May U.S. Employment report at 12:30 GMT. At one time, this was the unofficial U.S. open, but most traders now arrive at their desks at 11:30 GMT or so, or even earlier to catch more of the European session. Street estimates for payrolls had been fora gain of +180K for the month, but have been edged up to above 200K following the strong ADP data yesterday. Kep in mind that the ADP figures are notoriously erratic. A key focus is always the averager hourly earnings reoport, which is estimated at 0.30%, unchanged. the markets now look at both these statistics in tandem.
Today The EURUSD HOD has been 1.1229, while the LOD has been 1.1210. This is an extremely narrow range. Each day, the daily highs and lows are always key. Holding the 1.1200 level remains the key to the EURUSD upside. On top, neutral EURUSD 1.1230 area is key.
Forex trading conditions can change quickly, so use your AT charts to monitor current support (red) and resistance (blue) levels. The technicals frequently change ahead of the fundamentals. Changing colors and/or disappearing or new lines on the Amazing Trader (AT) charts will tell you which way the winds are blowing. Keep an eye on which color lines are being drawn or erased as your leading momentum indicator.
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Veteran FX Trader, Max McKegg, forecasts all the Major currencies and the Australasians; providing Daily and Medium Term Trading forecasts to subscribers, who include large Banks the world over, as well as individual traders in more than 30 different countries.
