Forex News Trading: Trades for Friday, June 5, 2020

8:30 AM EDT
US Non-Farm Employment Change
XAU/USD

There is no sense in looking at the history of this. The forecast is for 8 million more unemployed and the unemployment rate going up roughly 5% from 14 to 19.

These numbers are still very ugly though businesses are starting to reopen and by the July report I would expect lots of new jobs to have been added (in June). Until then we have this.

I have not seen any movement at all from recent trades. The AUD GDP q/q this week didn’t budge though the deviation was better than expected by 0.1%.

Not sure what to expect from this one, but would be surprised to see a move big enough to get in.

SETTINGS: Set buy/sellPips to 10 and get out quick whether you are in or not.

8:30 AM EDT
CAD Employment Change
USD/CAD

In Canada the expectation is for another 500,000 unemployed and the unemployment rate pushing up another 2%. Expect the same thing here as with the US NFP. Not really much else to say.

SETTINGS: Set buy/sellPips to 10 or 12 and get out within a few seconds whether you go live or not. Do not expect follow through.

About Barry Battista

I am a software guy that started trading in 2006. I have been trading the news for a living ever since. Eventually I wrote some code to help a friend and I improve our odds, and gradually the software took on a life of its own. My intention is to adapt this trading style to the ever changing Forex markets to always provide the trader with the tools and information to give them the maximum odds of a profitable trade.
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