July NFP trade expectations for Forex traders


The following are July NFP trade expectations for Forex traders, covering Gold and USDJPY technical analysis ahead of June US unemployment data.

07 July, AtoZForex We are less than an hour away from one of the most important monthly scheduled data – US NonFarm Payrolls, or NFP for short. The data comes along with Unemployment rate and Average Hourly Earnings. All three data reports help us paint a bigger picture about the US unemployment, and are released every first Friday of the week 13:30 GMT.

June NFP data expectations

For June NFP reading, markets expect the number to be published at 175k, up from the previous reading of 138k in May. The May reading has left the three month average of US Non-Farm Employment Change at just 130k.

Multibank
4.9/5
Multibank Review
Visit Site
eToro
4.9/5
eToro Review
Visit Site
Capital.com
4.8/5
Capital.com Review
Visit Site

Meanwhile, the Unemployment rate is expected to remain unchanged at 4.3%. While Average Hourly Earnings m/m could surprise with an upbeat increase of 0.3%.

July NFP trade expectations

The following are July NFP Forex trade expectations, covering setups for Gold and USDJPY.

July NFP trade expectations for Gold

Looking at Gold technical analysis, the bigger picture for the precious metal remains titled towards the downside. Moreover, the expected correction from a custom Fibonacci 110% at 1219 has already taken place. This, along with bearish momentum indicated by 50 & 200 hourly moving averages, suggests further downside towards Fibonacci 123.6% at 1210.

July NFP trade expectations for Forex traders July NFP trade expectations for Gold (click to zoom in)

Therefore, risk rewards favours shorting Gold from 1223.5 level and aiming first to 1219 and then finally to 1210. Conversely, a break above 1230 would indicate that the recent correction is still incomplete.

July NFP trade expectations for USDJPY

Turning to our second technical analysis for USDJPY, the pair remains to trade with an upward momentum and is approaching a nearby high at 114.40. This, along with bullish momentum indicated by 50 & 200 hourly moving averages, suggest longing USDJPY.

July NFP trade expectations for Forex traders July NFP trade expectations for USDJPY (click to zoom in)

Therefore, risk rewards favours longing USDJPY from 113.45 level and aiming towards 114.10.

Note, when trading during news announcements never risk more than 1% of your equity.

What July NFP trade expectations ahead of the data have you spotted? Share your ideas in the chat section below.

Leave a Reply

Your email address will not be published. Required fields are marked *