A1 Trading

What You Should Know About Latest NFP And Unemployment

September 3, 2021
Frank Cabibi

9/3/2021

Today's NFP numbers were staggeringly poor relative to last month's actual and this month's expectation. This has led to the majors moving hard against the USD dips close to July lows. The unemployment rate, however, was able to decline from 5.4% to 5.2% and meet expectations.

Our outlook

We may continue to see a dollar sell-off in the short term as investors look at the bad NFP number. Although NFP was positive, it still was not anywhere near analysts expected it to be especially from last month's impressive number of jobs added. After taking a step back, unemployment was lower than last month and NFP was still positive; it is just at a slower rate than we were expecting this time around. More demand in the bond market is also negatively affecting the USD, so we might be seeing further downside in the short term.

Trade Setups

GBPUSD

GBPUSD on the 1D chart broke out of resistance and a falling long term trend line after NFP. This break, could send price higher to resistance around 1.39595 where there is a double top. New support formed around 1.38510.

EURUSD

EU looks promising as well, from a technical standpoint. Price is testing a previous high around 1.19046 on the daily chart and a break in this level could send the pair up to 1.19776.

USDCAD

UC broke under a rising trend line on the 1D chart and is coming down to support around 1.24784. Price is now back under its 50 and 200 Day moving averages and stuck in the consolidation zone again.

The EdgeFinder

All-in-one Fundamental Dashboard

30 Days Access

Free Telegram

Join for daily analysis and trade setups!

Join Telegram

DISCLAIMER: All comments made by TraderNick’s Forex Group, LLC are for educational and informational purposes only. All comments should not be construed as investment advice regarding the purchase or sale of any securities or financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities or financial instruments mentioned by TraderNick’s Forex Group, LLC. TraderNick’s Forex Group, LLC assumes no responsibility for your trading and investment results. All information on any of the platforms utilized by TraderNick’s Forex Group, LLC was obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. TraderNick’s Forex Group, LLC, its employees, representatives, and affiliated individuals may have a position or effect transactions in the securities and financial instruments herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves very high risk and may not be suitable for all investors. TraderNick’s Forex Group, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment result. Read our full disclaimer here
Home
Edgefinder
Signals

A1 Trading Company

A1 Trading is a leading financial analysis and trading education company dedicated to empowering traders of all levels. Our team combines extensive market knowledge with cutting-edge technology to provide valuable insights and tools for traders worldwide.
2024 All Rights Reserved | A1 Trading Company
There is a significant degree of risk involved in trading securities. With respect to foreign exchange trading, there is considerable risk exposure, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or currency pair. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail client accounts lose money when trading in CFDs. You should consider whether you can afford to take the high risk of losing your money.
homesmartphonelaptop-phonecross-circle linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram