DOW - NFP + Monthly low = ?

6 Oca 2023

USDOLLAR

Totally uneducated assumption but with the pandemic and recession I'd assume NFP will come back negative but who knows maybe that would encourage/force people to work to pay for increased living expenses due to inflation and rate hikes. Also the fact that people working multiple jobs for sperate companies count as a point for each job they work. 10x people working 3x jobs count for 30x people in the workforce. So not really much of an indicator of productivity but you never know...

Either way, DOW (USD) is at a monthly low (support) and has bottomed out indicating new support.

• Price has broken the first resistance level and retested a support on Zone #1 (red)
  
  If NFP is positive, it should break the current resistance Zone #2 (yellow) and run up to Zone #3 (orange) +
  Possibly even higher, could be big volume due to the significance of this zone on the weekly.
  
  If it's negative i'd say we'll be retesting that weekly low again (Zone #0 Green)
  

(*NOTE: This move will also indicate/influence the direction of the EUR/USD pair, as it is at a historical low)