US Nonfarm Payrolls: Record 20.5 Million Jobs Lost in April
The devastating effect of Covid-19 on the US economy became clearer on Friday with the release of the highly anticipated US employment report.
Market Update – May 8
WTI traded into the 2016 low today and reversed lower. My working assumption is that crude is building a bullish base. 18.20-19.20 is the zone to watch for the next low. This zone is defined by support and resistance since late March.
Short Term Floor in Place for EURUSD?
Scand.Ex is pleased to present the next video with trading analysis by Jamie Saettele – Short Term Floor in Place for EURUSD?
Market Update – May 7
BoE is tomorrow and it looks like the bounce to 1.2484 is the extent of the corrective bounce in wave 2 of C. Proposed resistance is now 1.2405/20, which is a well-defined horizontal level and the neckline of a short term head and shoulders.
Market Update – May 6
USDJPY is nearing the center line of the channel from the 4/6 high. When a market is nearing the center line, I’m always on the lookout for acceleration in the trend…in this case that’s lower. Focus remains towards the lower channel and 61.8% retrace of the rally from the March low at 105.19.
Dollar Bid as US/China Tensions Rise
The US dollar rallied sharply on Monday, lifted by safe haven flows as fears grew over rising tensions between the US and China. Both US President Trump and Secretary of State Mike Mike Pompeo have laid the blame for the pandemic on China.
AUDUSD Short Idea into May 2020 RBA Decision
Scand.Ex is pleased to present the next video with trading analysis by Jamie Saettele – AUDUSD Short Idea into May 2020 RBA Decision.
Market Update – May 5
ES found support today from VWAP off of the Feb high. This level was resistance in March and support in April. I am treating last week’s high as the bearish risk point but given the support hit today a bigger bounce is favored. Resistance should be 2890-2930.
Market Update – May 4
A flat is still possible. Thursday’s low would compose wave B. If this interpretation is correct then wave C should carry above 12593. The most likely spot for resistance remains the wave 4 and red parallel at 12692. Bottom line, USDOLLAR reacted at critical support (l0ng term magenta trendline) so focus is higher as long as price is above last week’s low.