The U.S. dollar slipped after a report showed the U.S. economy in March created the fewest jobs in six months. The Canadian economy added more jobs than expected last month, driven by hiring in construction and a recovery in full-time positions. Our USD/CAD short is in good shape after the data.
This is how MyFXspot.com trades today:
EUR/USD
Trading strategy: Long
Open: 1.2220
Target: 1.2470
Stop-loss: 1.2140
Recommended size: 2.50 mini lots per $10,000 in your account
Short analysis: We opened EUR/USD long at 1.2220 yesterday. But the EUR/USD bulls remain under pressure. A close above the 14-day EMA (currently at 1.2301) would be an important bullish signal.
GBP/USD
Trading strategy: Long
Open: 1.4010
Target: 1.4270
Stop-loss: 1.3900
Recommended size: 1.36 mini lots per $10,000 in your account
Short analysis: The GBP/USD broke the 30-DMA on Thursday, now at 1.3979, but bears failed to register a daily close below. A daily close below would be needed to weaken the market structure further. But the GBP/USD rebounded after weaker-than-expected U.S. NFP data. Our yesterday’s long at 1.4010 is already in profit.
USD/JPY
Trading strategy: Await signal
Short analysis: The USD/JPY closed above an important resistance of 106.82 yesterday,38.2% retrace of the 110.40 to 104.56 (February to March) fall. But today’s U.S. NFP changed the market picture. We are looking for stronger signals before opening a new position here.
USD/CAD
Trading strategy: Short
Open: 1.2900
Target: 1.2600
Stop-loss: 1.3050
Recommended size: 1.72 mini lots per $10,000 in your account
Short analysis: USD/CAD short is in progress, supported by solid Canadian jobs report. We remain short with the target at 1.2600.
AUD/USD
Trading strategy: Buy
Open: 0.7660
Target: 0.7880
Stop-loss: 0.7555
Recommended size: 1.43 mini lots per $10,000 in your account
Short analysis: The pair struggles to make new lows ahead of 0.7625/55 support. Daily RSI has diverged on recent new lows while the trend line off 2016’s low and 76.4 Fib of 0.7501-0.8136 support as well. We went long at 0.7660.
