Fundamentals:- The US had its Non Farm Payrole on Friday and although the unemployment rate dropped to 3.9% average hourly earnings had also dropped. The NFP figures showed jobs created at 164K when the market was expecting 190K. So mixed data but in all we are expecting a bit of a pull back from the Dollar strength last week. In Australia the economy has been improving moderately although the RBA are concerned about household consumption and Debt. The retail sales figures on the 8th of May should give us a bigger picture. In the mean time I am expecting a pull back on the sell off based around the disappointing NFP figures for the USA.
Technicals:- The daily chart is displaying a nice morning star pattern and this coincides with an oversold signal on the stochastic indicator. This potential reversal carries through to the 4 hour chart with a pin bar rejection of the 7500 area. The weekly does show the rising trendline being broken but also shows rejection of the 7500 area. For full trade settings for this signal sign up to the 30 day free trial at BOAFX Trading Signal Solutions.
Technicals:- The daily chart is displaying a nice morning star pattern and this coincides with an oversold signal on the stochastic indicator. This potential reversal carries through to the 4 hour chart with a pin bar rejection of the 7500 area. The weekly does show the rising trendline being broken but also shows rejection of the 7500 area. For full trade settings for this signal sign up to the 30 day free trial at BOAFX Trading Signal Solutions.
Trade active:
buy trade triggered at 7500