Forex Signals Brief for Dec 2: First Look at US Jobs

US Market Wrap

Markets found a bit of a bid yesterday as some hopes for further stimulus remain on the table.

While equity markets and the risk-on majors pushed higher, interestingly, GOLD also reclaimed the $1800 level.

For the most part, the next few sessions will be important from a data perspective as we move towards the monthly US non-farm payroll release.

The Data Agenda

The main data point of focus today will be the US ADP employment number.

This is often a bit of a precursor to what we might see with the official number on Friday. The expectation is that 400K jobs will have been created or regained more correctly

We will also be hearing from Jerome Powel again, but there is not much that will likely come of it.

Finally, the weekly WTI Crude Oil inventory data is set for release to round out the session.

Forex Signal Update

The month started in a positive fashion for the team as they found 3 winners from 4 trades yesterday, as the risk-on assets bounced. 

LTC – Active Signal 

Despite all the Bitcoin hype, LTC couldn’t break through that $90 level. We remain long though as the sector is still strong.

GBP/JPY – Pending Signal 

The GBP/JPY is bullish at the moment and has run right into resistance at current levels. A break could be a long signal.

Cryptocurrency Update

BTC couldn’t maintain those record highs and has since fallen away.

We’ve seen the way price moves in Bitcoin and it always pauses and builds up before a big break. So I expect it to be the same this time around.