Forex Signals Brief for Dec 4: US Non-Farm Payrolls Ahead
Rowan Crosby • 2 min read
US Market Wrap
Markets were mixed for a second day and once again most of the selling was happening in the USD.
Despite an improvement in the US jobless claims number, the USD continues to be on the nose.
That led the majors higher with many now breaking out to new 2020 highs. While the falling USD is also seeing the likes of GOLD gain back some ground.
The Data Agenda
The main data point today is no doubt the US non-farm payroll number.
The expectation is that 469K jobs were created while the unemployment rate fell to 6.8%.
We saw earlier in the week that the unofficial ADP number was short of expectations at 300K, but we have seen those numbers diverge of recent times.
At the same time, the USD/CAD will also be watching the local jobs data as well, which is expected to show a 20K increase.
Forex Signal Update
The FX Leaders Team grabbed the one win on our USD/CAD signal as the Greenback continues to plunge lower.
Make sure you follow our live signals as volatility could increase on the back of the jobs data.
LTC – Active Signal
LTC is still holding under the $90 level but it could be argued price is forming an inverse head and shoulders tye pattern. As we know this is bullish and it looks like price does want to break higher.
AUD/USD – Active Signal
The AUD/USD has been pushing higher, thanks mostly to the soft USD. We’re long here, looking for more of the same on Friday.
BTC looks like it is getting ready to push into the record high levels once again and the price action remains bullish.
The momentum is clearly to the upside and there could be a big spike higher on a test of the highs and a run at $20,000.