We are seeing USD strength against all other major currencies which, in many cases like EURUSD or USDJPY, started in the beginning of this year.
This gives us an opportunity in economic news trading to look for movement in price action against the trend.
For example, should this week’s Non-Farm Payrolls temporarily drive the price lower on USDJPY, to a line of support, we can buy back in using our technical strategies and risk management.
This week we have many opportunities with tomorrow’s Consumer Confidence Index, Wednesday’s ADP Employment Change and Pending Home Sales, Thursday’s Manufacturing PMI and, Friday’s Non-Farm Payrolls.
Also, watch for the Crude Oil Stocks Change which will affect the price of WTI.
Also, we have good news about the blockage of the Suez Canal and a final resolution and the full opening of the canal, should drive both Brent Crude and WTI lower.
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