Trading crude oil on OPEC+ trading gold (XAU/USD) against US Nonfarm Payrolls [Video]
|We see that the strength of the USD is starting to recede and, in some cases, reverse.
Therefore, we will be waiting for Economic News this week to determine the direction of USD with tomorrow’s Consumer Confidence Index, the ADP Payroll data and Pending Home Sales on Wednesday, Manufacturing PMI on Thursdays, and of course, the US Non-Farm Payrolls on Friday to which the market will pay the most attention.
So, for trading opportunities, we will look for counter-trend price action moves.
For example, if price on AUDUSD is driven to this upper trend line, we may want to go short.
The same could be said for NZDUSD if the price breaks this trend line and reaches either support or resistance, we can trade the reversal.
XAUUSD will also be affected by the US economic news and we see price action has been trapped in this consolidation zone above this key level at $1774.
Traders and investors will be watching the OPEC+ meetings this week as production increases may affect the price of Crude Oil and we see that the WTI cash price is $74 today.
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