Daily analysis and trading strategies 8-9-10

EURUSD

Trading strategy: small long at 1.3210, stop at 1.3140(0.5% risk), objective at 1.3350

The dollar is weaker across the board after the Nonfarm payrolls shed 131,000 jobs last month, compared to a consensus of 70k. Dollar’s weakness is likely to continue as economic data shows that the U.S. recovery is stalling and may need more stimulus. The euro managed to overcome the 1.3250 barrier, reaching a fresh multi-week top at 1.3333, recovering its losses since May and more than half since January. Even though the pair still trades far from last year’s top side around 1.5, most signs are bullish for now and minor pullbacks should face support into the former resistance zones, such as 1.31 and 1.30. On intra-day basis, a correction seems possible, testing 1.3200/50. Current exchange rate is 1.3288 @06:13 GMT

Support: 1.3250, 1.3200, 1.3100/20 and 1.2970/00
Resistance: 1.3330/50, 1.3400 and 1.3500
Market sentiment: long term – bearish, medium term – slightly bullish, short term – bullish, intra-day – bullish

More trading setups

GBPUSD

EURAUD

AUDCAD

Gold

Have a great day!

More in Analysis and forecasts »
Post tags: AUDCAD, EURAUD, EURUSD, GBPUSD, Gold