Note: The S/R levels (i.e. likely bank trader order levels) as depicted in their respective timeframes in this and prior articles have not changed, and will probably NEVER change regardless what happens in financial markets. What follows is my own world view, developed from an institutional trading career dating back to 1995.
We’re always amazed how consistent the mainstream financial press is when coming up with nonsense stories every week.
We’re also equally amazed that our S/R levels continue to be respected by market forces despite the nonsense.
In the background: The dollar is said to maintain its firmness going into the weekend on the back of recent “strong” US data. By “strong”, they were talking about the firm services PMI stats that came out overnight.
By the way, a firmer services PMI is not surprising as services will have to continue absorbing the slack from factory-side jobs.
While the dollar is doing all the above, it will also STILL be subjected to US-China trade developments, natural disasters, and Trump’s tweets.
Despite our low opinion of the NFP economic statistic, today’s NFP will be in focus tonight as markets hang on to every market clue in its mission to out-think the Federal Reserve.
The following are our S/R levels as the week closes. Note that despite the USD “firming”, it isn’t really firming much against majors, except against the Japanese yen and gold. Even then, not by much.