Wall Street markets closed on a negative trend on Friday, following a disappointing job report in the United States, where only 98,000 jobs were added to the US job market, while the economists’ forecasts were for a 180,000 increase in March.
Another reason for the fall in prices is the attack of the US military in Syria.
Summing up the week:
The S&P 500 shed 0.3%.
The Dow Jones Industrial Average closed lower by 0.1%.
The NASDAQ index fell by 0.6%.
Toward the end of the week, the Wall Street reporting season is expected to open as investors expect for the first time since 2014 the S&P 500 index will posting a double-digit increase in profits.
If the earnings will be disappointing, some investors may realise that the rally in recent months on the US stock markets were exaggerated and that prices are inflated.
We are following this pair and a trading opportunity since last week.
On the daily chart we can see that the pair has arrived to a resistance trend line, between the levels of 1.0090 – 1.0100.
Our tendency is to sell around this resistance. How do we do that?
On the hour chart we can see that the pair started his way down.
The first option is to sell straight away.
The second option is to wait for a small technical correction up, and then we can join in with the downtrend of the second wave down.