{"id":100433,"date":"2017-01-06T06:56:28","date_gmt":"2017-01-06T11:56:28","guid":{"rendered":"http:\/\/countingpips.com\/?p=100433"},"modified":"2017-01-06T06:56:28","modified_gmt":"2017-01-06T11:56:28","slug":"eurusd-two-white-candles-suggest-stronger-recovery-now-eyes-on-non-farm-payrolls","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/01\/eurusd-two-white-candles-suggest-stronger-recovery-now-eyes-on-non-farm-payrolls\/","title":{"rendered":"EUR\/USD: Two white candles suggest stronger recovery, now eyes on non-farm payrolls"},"content":{"rendered":"<div id=\"inves-3141196804\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">January 6, 2017<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p><b>By <a href=\"https:\/\/growthaces.com\" target=\"_blank\">GrowthAces.com<\/a><\/b><\/p>\n<div class=\"content-inner\">\n<div class=\"field field-name-body field-type-text-with-summary field-label-hidden\">\n<div class=\"field-items\">\n<div class=\"field-item even\">\n<ul>\n<li><strong>The ADP Employment Report revealed net job growth in December that was a little below expectations<\/strong>, <strong>at 153k versus the 170k median forecast<\/strong>.<\/li>\n<li>The breakdown had service-providing industries contributing 169k, on a strong surge in trade \/ transport \/ utilities, where payrolls rose 82k. That&#8217;s the largest gain in 11 years. Excluding that category, however, we had the second-weakest rise in almost four years, with very weak hiring in professional and business services (+24k, a seven-month low), a below-trend rise in leisure and hospitality (+18k), and a tie with last month for the lowest rise in healthcare payrolls since March 2014 (+26k).<\/li>\n<li>Goods-producing payrolls were down 16k, a four-month low, with a drag from every major subsector. Construction slipped 2k, natural resources fell 5k (25th decline in a row), and manufacturing was down 9k. Factory hiring is disappointing, given how sentiment appears to have improved since the election, construction job growth doesn&#8217;t seem to match the spending figures, and the natural resources labor market is also a little softer than one might expect from the rig count numbers. We do expect positive numbers from goods-producing industries in the near future.<\/li>\n<li>Initial jobless claims filed in the week ended December 31 were 235k, a 28k drop from the prior week&#8217;s downwardly revised level of 263k (previously 265k). That was the lowest claims count since the November 12 week (233k) and lowered the 4-week moving average to 256.8k, from 262.5k last week. We urge caution in interpreting the significance of the decline, given that holiday periods bring profound volatility to claims prints.<\/li>\n<li><strong>All eyes on Friday were on non-farm payrolls<\/strong>, expected to have increased by 178k jobs last month after a similar rise in November. The U.S. unemployment rate, though, is forecast to tick up to 4.7% from a nine-year low of 4.6% in November.<\/li>\n<li>The EUR\/USD went up yesterday after slightly-weaker-than-expected ADP data. This suggests that the potential for further USD rally is low. <strong>In yesterday\u2019s Market Overview we were writing about a risk of a shooting star candle, but we saw a high white candle at the end of the day. That is why we have decided to place a buy order at 1.0570 in our Trading Strategies Summary. We think that the EUR\/USD may break above 1.0700 if today\u2019s non-farm payroll data are below forecasts.<\/strong><\/li>\n<\/ul>\n<p><img decoding=\"async\" title=\"\" src=\"https:\/\/growthaces.com\/sites\/default\/files\/eurusd_06012017.png\" alt=\"EURUSD Daily Forex Signals Chart\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><strong>USD\/CAD: Profit taken on short position at 1.3220, looking to sell again at 1.3330<\/strong><\/p>\n<ul>\n<li>The CAD strengthened to a three-week high against the USD on Thursday as oil prices rose and the greenback lost ground against a basket of major currencies.<\/li>\n<li>Prices of oil, one of Canada&#8217;s major exports, were lifted by news that Saudi Arabia had cut production to meet OPEC&#8217;s agreement to reduce output.<\/li>\n<li><strong>Statistics Canada said that Canadian producer prices rose 0.3% in November from October <\/strong>on higher prices for motorized and recreational vehicles and primary non-ferrous metal product. The increase followed a 0.7% advance in producer prices in October.<\/li>\n<li>Canada&#8217;s trade report for November and employment report for December are due on Friday.<\/li>\n<li><strong>We took profit on the USD\/CAD short at 1.3220 and our new strategy for this pair is to sell at 1.3330. We are looking to open also a long-term position at that level.<\/strong><\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" title=\"\" src=\"https:\/\/growthaces.com\/sites\/default\/files\/usdcad_06012017.png\" alt=\"USDCAD Daily Forex Signals Chart\" width=\"779\" height=\"503\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><strong>TRADING STRATEGIES:<\/strong><\/p>\n<p>FOREX &#8211; MAJOR PAIRS:<\/p>\n<p><strong><a href=\"https:\/\/growthaces.com\/articles\/order-subscription\">(Trading Strategies &#8211; VIP Subscription Only &#8211; Try now for only $1)<\/a><\/strong><\/p>\n<p>FOREX &#8211; MAJOR CROSSES:<\/p>\n<p><strong><a href=\"https:\/\/growthaces.com\/articles\/order-subscription\">(Trading Strategies &#8211; VIP Subscription Only &#8211; Try now for only $1)<\/a><\/strong><\/p>\n<p>PRECIOUS METALS:<\/p>\n<p><strong><a href=\"https:\/\/growthaces.com\/articles\/order-subscription\">(Trading Strategies &#8211; VIP Subscription Only &#8211; Try now for only $1)<\/a><\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><b>About the Author:<\/b><\/p>\n<p>By GrowthAces.com &#8211; <a href=\"https:\/\/growthaces.com\" target=\"_blank\">Daily Forex Trading Strategies<\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By GrowthAces.com The ADP Employment Report revealed net job growth in December that was a little below expectations, at 153k versus the 170k median forecast. The breakdown had service-providing industries contributing 169k, on a strong surge in trade \/ transport \/ utilities, where payrolls rose 82k. That&#8217;s the largest gain in 11 years. Excluding that [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-100433","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/100433","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=100433"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/100433\/revisions"}],"predecessor-version":[{"id":100434,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/100433\/revisions\/100434"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=100433"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=100433"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=100433"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}