NFP Day is Here 8/3/12

Good morning. Euro declined yesterday after ECB’s Draghi disappoints markets, delaying actions. The week ends with another important event: the Non Farm Payrolls – consensus is 100k and 8.2% Unemployment; my guess is 60-70k

EURUSD

Resistance is now formed around 1.2250 (former support), where EUR is likely to face new selling pressure if current pullback continues.

Market sentiment: intraday – bearish, short-term – bearish

Potential trade strategy: to sell into strength to 1.2250, target at 1.2100

EURUSD hourly 8-3-2012

EURUSD hourly 8-3-2012

One big downtrend continuation candle has been formed yesterday, thank to the ECB.

EURUSD daily 8-3-2012

EURUSD daily 8-3-2012

AUDUSD

Support around 1.0440 remains intact after yesterday’s test, but it’s worth to keep an eye on that level. A weak NFP figure should easily send it lower

Market sentiment: intraday – bearish, short-term – bullish

Potential trade strategy: to sell on weakness below 1.0440, target at 1.0300

AUDUSD 4hrs 8-3-2012

AUDUSD 4hrs 8-3-2012

GBPUSD

Cable still holds only a few pips away from the support zone formed by the rising trendline which is connecting recent higher lows. There’s much pressure around these levels and that’s for sure

Market sentiment: intraday – bearish, short-term – bearish

Potential trade strategy: to sell on breakdown below 1.5500, target at 1.5400

GBPUSD daily 8-3-2012

GBPUSD daily 8-3-2012

USDJPY

The dollar is having a hard time trying to recover against the yen, as all recovery attempts are sold quickly. Selling into rallies is still the best thing to do

Market sentiment: intraday – bearish, short-term – bearish

Potential trade strategy: to sell on rally to 78.50, stop above 79, target at 77.60

 

USDJPY 15min 8-3-2012

USDJPY 15min 8-3-2012

S&P500

S&P collapsed yesterday as a result of ECB statement, but is now pulling back aiming toward former support at 1370. It all depends on what the NFP figure will be later today

SPX hourly 8-3-2012

SPX hourly 8-3-2012

Have a great day!

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