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PaxForex starts December with 403 pips This week was dominated by the U.S. Non-Farm Payroll report which was expected to disappoint markets like so many times before. Initial jobless claims have indicated that the trend as changed and point to an increase in unemployed Americans. The labor market continues to deteriorate at an alarming rate and each month more and more Americans are out of work or not able to find employment which is why the unemployment rate has decreased over the past few months. Friday at 1430 hours CET the U.S. Department of Labor released it long awaited (un)employment report for the month of November. The figure stood at 146,000 jobs created, but the previous two months were revised down by a combined 49,000 which translated to an actual figure of 97,000 which is likely to be revised downward during the December report. In addition 369,000 were unable to go to work due to Hurricane Sandy and technically unemployed, but were still counted as employed. Some of those jobs are lost while others are temporary. The economic policies which are in place and sponsored by the socialists in the White House will fuel the negative trend over the next 60 months. We witnessed the peak of job creation and market participants should get used to a directional change. Overview of profits for the week which ended December 7th GBPCHF: 90 pips EURUSD: 98 pips GBPCAD: 76 pips USDCHF: 39 pips EURGBP: 35 pips EURAUD: 65 pips Total: 403 pips Date: 12/9/2012

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NZDJPY Forms Top The NZDJPY has rallied alongside its bullish price channel as visible in this H4 chart. The pair currently tries to form a top as the last couple candlestick patterns formed hammer as well as inverted hammer formations. We expect this pair to correct to its rising support line. MACD has formed a negative divergence and shows that momentum has faded away. RSI has formed a negative divergence as well and reached extreme overbought territory. We expect RSI to breakdown which will fuel the correction. We recommend taking a short position at 68.40. We do not see any further upside potential for this pair and therefore do not recommend a second entry level. Traders who wish to exit this trade at a loss are advised to place their stop loss level at 69.20. We do not use stop loss levels and will execute this trade as recommended. Place your take profit level at 67.85.

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