Great week. Made some fine profit going long on the EURUSD. Wouldn't be surprised to see the uptrend continue the next 2-3 weeks.
As you can see, I have a few longs . Keeping these for a long term 1.14 target.
In my mind, despite today's Non-Farm Payroll (NFP) number and the likelihood the Federal Reserve wont increase rates until June, we should see additional weakness in the USD. NFP, was 50k+ over predictions, but its important to drill the figure down. Once drilled down, it's clear many of the jobs created in February are part-time and/or low paying. Not a good sign for potential rate hikes as these salaries won't significantly increase the Consumer Price Index (CPI).
What else happened this week ?
Well, Crude Oil closed higher this week , but as reported , the US also lost 8 more rigs. The current price of crude remains under the breakeven for many producers. No surprise , the closure of these 8 rigs correlate to yet another loss of well-paid jobs. Again, another indication not all is well with the US economy . Definitely not time for any State to implement a monetary policy looking to slow down the current spending of its population by increasing the rate of borrowing.
What about next week.
As usual... I will keep and eye on news releases and look to profit from some good old technical analysis . I am likely long EURUSD next week. Should be interesting :)
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