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Strong NFP Data, Wall Street Up and Oil Price Gain

Strong NFP Data, Wall Street Up And Oil Price Gain - Forex Trading tutorials for beginners in the PhilippinesAng Forex trading news ay napakahalaga sa isang Trader, dahil isa ito sa nagpapagalaw ng presyo. High impact economic events moves currencies and has an impact on our personal trading, and of course don’t forget na kailangan din na meron kang technical analysis para malinaw ang Trend na makikita mo sa chart.

Yan po ang dahilan na gumagamit tayo ng Template sa RichDadph para madali mo na lang e-navigate ang iyong platform.

Early this morning, Dow Jones Newswires released a report about U.S. Dollar being Steady, Stocks Advance on Upbeat Jobs Report

Nonfarm Payrolls data and Initial Jobless Claims (Jun 2020)  - Forex Trading tutorials for beginners in the PhilippinesπŸ‘‰ The U.S. Labor Department reported that the number of Nonfarm Payrolls soared 4.800 million on month in June (+3.230 million expected) and the Jobless Rate fell to 11.1% (12.5% expected).

πŸ‘‰ Initial Jobless claims declined to 1.427 million for the week ended June 27 (1.350 million expected), while Continuing Claims increased to 19.290 million for the week ending June 20 (19.000 million expected).

πŸ‘‰ U.S. stocks advanced further, boosted by a better-than-expected June jobs report.

πŸ‘‰ Oil prices firmed up as market sentiment remained upbeat. U.S. WTI crude oil futures (August) increased a further 2.1% to $40.65 a barrel.

πŸ‘‰ Asian currencies are mixed against the U.S. dollar, caught between risk-on sentiment spurred by stronger-than-expected U.S. nonfarm payrolls data overnight and concerns about the continuing rise in Covid-19 cases in the U.S.

πŸ‘‰ Undecided Market Mood Steadies Euro-Dollar; The euro-dollar exchange rate remains close to where it started the week due to the market’s undecided mood, with reasons for both optimism and caution. EUR/USD saw some movement this week with the safe haven dollar rising during periods of greater apprehension, and the euro gaining whenever risk-on prevails.

Here are the High Impact Economic events expected today:

High Impact Economic Event Calendar (July 3, 2020) - Forex Trading Tuturials for Beginners Philippines


USD/JPY Intraday: 
Under pressure. The pair remains on the downside after retreating from an intraday high of 107.72 seen yesterday. Currently it is striking against the lower Bollinger band calling for acceleration to the downside. A return to the first downside target at 107.30 would open a path toward 107.15 on the downside. Key resistance is located at 107.65.

EUR/USD Intraday:
Key resistance at 1.1255. The pair is off an intraday low of 1.1221 but is still below the key resistance at 1.1255. The relative strength index remains below 50 suggesting a lack of upward momentum for the pair. Unless the key resistance at 1.1255 (around the 50-period moving average) is surpassed, the pair is expected to sink back to 1.1220 and 1.1205 on the downside.

AUD/USD Intraday:
Key resistance at 0.6930. Although the pair posted a rebound from 0.6900, the upward potential is likely to be limited by the resistance at 0.6930. The relative strength index is around its neutrality level at 50, suggesting the lack of upward momentum for the prices. Hence, as long as 0.6930 holds on the upside, look for a return with targets at 0.6900 and 0.6880 in extension. Alternatively, a break above 0.6930 would call for a new up leg with 0.6945 and 0.6960 as targets.

NZD/USD intraday: 
Bullish bias above 0.6572. Despite the pair posted a pullback, it is still supported by a rising 50-period moving average. The relative strength index stays above its neutrality level at 50, showing the lack of downward momentum for the pair. In this case, as long as 0.6479 is not broken, intraday bullish bias remains with up targets at 0.6552 and 0.6572 in extension. On the other hand, a break below 0.6479 would open a path to 0.6446 on the downside.

GBP/USD Intraday: 
Target 1.2420. The pair retreated from 1.2525 and struck to the lower Bollinger band. Besides, the death cross between 20-period and 50-period moving averages has been identified. The relative strength index is locating at the selling zone between 30 and 50, suggesting the bearish outlook for the pair. To sum up, unless the resistance level at 1.2490 is violated, the pair should reach 1.2450 and 1.2420 on the downside. Alternatively, a break above 1.2490 would call for a new challenge with 1.2525 and 1.2560 as targets.

USD/CHF Intraday: 
Bullish bias above 0.9440. The pair posted a rebound and crossed above both 20-period and 50-period moving averages. Besides, the 20-period moving average is turning upward, while the relative strength index crosses above its neutrality level at 50. Both indicators suggest that the trend gradually turns up. To conclude, as long as 0.9440 acts as the key support level, we anticipate a rebound with targets at 0.9465 and 0.9490 in extension. In an alternative scenario, a break below 0.9440 would call for another down leg with 0.9420 and 0.9400 as targets.

USD/CAD Intraday: 
Under pressure. The pair remains on the downside as it has failed to break above its trading range. In fact, the 20-period moving average has crossed below the 50-period one, and the relative strength index remains subdued in the 40s, indicating a bearish bias. Below the key resistance at 1.3595, the pair should proceed to 1.3550 and 1.3530 on the downside. Alternatively, a break above 1.3595 would trigger a rebound to 1.3615.

EUR/JPY Intraday: 
Downside prevails. The pair has potentially formed a double-top pattern. Currently, it has broken below both the 20-period and 50-period moving averages, while the relative strength index has dropped to the 30s, signaling a bearish bias. As long as the key resistance at 121.21 holds, expect a decline to 120.21 and 119.93. Alternatively, a break above 121.21 would open a path to 121.67 on the upside.

EUR/GBP Intraday: 
Target 0.9065. The pair has stabilized after reaching the day-low of June 25. Currently, it has rebounded and is challenging both the 20-period and 50-period moving averages, while the relative strength index shows a bullish divergence. Unless the key support at 0.8988 is violated, the pair should target 0.9049 and 0.9065 on the upside. Alternatively, below 0.8988, expect a drop to 0.8961.

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