Forex News Trading: Trades for Tuesday, May 5, 2020

12:30 AM EDT
AUD Cash Rate

Like most everywhere, the rate is close to zero and the RBA will be using other means to try to get things under control. The odds of a change are very small.

SETTINGS: Set buy/sellPips to 35 and get out if you are not live within a couple seconds.

6:45 PM EDT
NZD Employment Change

The forecast is for -0.2%. Typically the rate comes in around 0.2 or 0.3, so this is not as crazy as a lot of the employment forecasts, and for that reason might actually have movement closer to normal. New Zealand must not have been hit as hard or did not react as harshly as the rest of the world.

I will take a shot at this, trading conservatively (as I would anyway with any NZD release).

SETTINGS: Set buy/sellPips to maybe 10 or 12. Get out if you are not live within a couple seconds and if you do go live, be careful to not let it run back against you. If it looks like it is a whipsaw, get out.

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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