NFP Day is Here: Friday Charts to Watch

Good morning. The euro had a good run yesterday after Draghi’s comments, who said that eurozone’s economy will stabilize this year. EUR holds onto gains ahead of today’s NFP data.

EURUSD

Yesterday I was rather expecting this former resistance range between 1.3050-1.3100 to hold, but after such strong declines – “more-than-modest” or even strong corrections are common. Although the resistance was breached, I have doubts that this is the beginning of a prolonged recovery. So my yesterday’s plan to sell in the 1.3070-1.3100 zone is still in play.

Market sentiment: intraday – bullish, short-term – bearish
Potential trade strategy: to hold short, stop above 1.3150, target below 1.2950

EURUSD 4hrs 3-8-2013

EURUSD 4hrs 3-8-2013

 

EURJPY

Yesterday’s recovery above the highlighted resistance zone suggests that more upside action is likely, hence I’m changing plan after yesterday’s failed sell and I am now considering a buying opportunity on potential pullback to 124.00 area

Market sentiment: intraday – bullish, short-term – slightly bullish
Potential trade strategy: to buy dips around 124, stop below 123.20, target at 126+

EURJPY 4hrs 3-8-2013

EURJPY 4hrs 3-8-2013

 

AUDNZD

Resistance at 1.2400 is under constant pressure and the buying on strength seems like a reasonable plan.

Market sentiment: intraday – bullish, short-term – slightly bullish
Potential trade strategy: to buy on break of 1.2400, target at 1.2550

AUDNZD daily 3-8-2013

AUDNZD daily 3-8-2013

 

AUDCAD

I’m adding AUDCAD to the “interesting charts” watchlist. Reason: Sell-off at 1.0600 suggests that recovery is losing steam. I don’t call a breakdown yet, but it’s worth keeping an eye on this interim support at 1.0550 – eventually sell on breakdown

Market sentiment: intraday – bullish, short-term – bullish
Potential trade strategy: to sell on break below 1.0550, stop above 1.0600, target at 1.0400

AUDCAD 4hrs 3-8-2013

AUDCAD 4hrs 3-8-2013

 

Have a great day & weekend

3 thoughts on “NFP Day is Here: Friday Charts to Watch

  1. Pingback: Tuesday Charts to Watch

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