US dollar temporarily lower on poorer than expected unemployment claims

Highlights:

  • Unemployment claims at 239K, higher than the 232K expected and rising on previous 229K
  • Republicans emphasizes their goal to enact ta reform legislation by the end of the year
  • Markets have rallied in recent months as lowering corporate tax rate aims to boost profitability

Nevertheless, I have some longer timeframe trade setups that I am eyeing as follows.

AUDUSDH12
AUDUSD 12-Hour
  • Multiple bottoms on AUDUSD across all time frames, 10 days of ranging over on the daily time frame
  • Sell-off pressure is dying off as market fails to breach new lows
  • Current long entry anticipates upside over the next few weeks
USDCADH12
USDCAD 12-Hour
  • USDCAD breaks below the 20-EMA providing early indication of trend change
  • Failure to break 1.291~ highs is first indication of drying buying pressure
  • Current short entry aims to target the next wave of selling pressure
EURJPYDaily
EURJPY 1-Day
  • Standard range play as price makes daily double top, but fails to break below the neckline
  • Third day of a doji signals both a lack of volume, but also selling pressure failing to breach any significant levels (greater market indecision)
  • Current long entry plays off the daily range
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