...and here we go with the first round of decent reports for the new quarter. A double play expected that will extend until the NY opening range.
Today ISM PMI is a lot more important than ADP both fundamentally and for timing intraday. Expecting mild and normal plays with +/- inline with expectations numbers.
In the fundamental side:
Today ISM PMI is a lot more important than ADP both fundamentally and for timing intraday. Expecting mild and normal plays with +/- inline with expectations numbers.
In the fundamental side:
- ADP is expected to keep the steady trend from the last few years so even a slightly bad number wont affect the implications but like always with ADP it will trigger all alerts for NFP on Friday.
- More interesting is ISM PMI an undershoot below+/- 51 will have some tail as we will start showing symptoms of contraction that will more than definitively play against the dollar short term (via FED hikes expectations) and will add some serious fuel if NFP numbers also disappoints.
In the technical side:
- Nothing big in play. Same area since yesterday close. Range extends 1.066x to 1.082x with a mini flip zone at 1.076x. Only major overshoot or undershoots will unlock further levels but not expecting that for today.
For the actual intraday flows:
- Zigzag play in the making and has priority. Inline or slightly better/worst undershoot ADP for a leg 1.076x to 1.066x with NY and PMI to complete the zigzag with inline or slightly worst numbers to 1.082x until NFP and settle the day around 1.076x.
- A massive overshoot in ADP/PMI combo will open direct short plat to 1.066x and will open the extension to 1.058x until NFP.
GL all.
sisse
Pending conversations? PM for a chat...I am mainly in OTM now
