The Forex Zone – All Set for NFP!

Intermediate

In today’s Forex Zone we take a look at the day trade prospects for the Major Forex currency pairs going into the key US Employment report and the always watched, NFP number (but don’t forest the Average Hourly Earnings). Checkout the levels to watch and the views here for EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD and USDJPY.

EURUSD threat lower

A low-level consolidation Wednesday-Thursday, reinforcing Tuesday’s rebound failure from just below our 1.1325 resistance (from 1.1322) PLUS the start of July very aggressive selloff through various supports, to keep risks lower for Friday.

For Today:

  • We see a downside bias for 1.1267; break here aims for 1.1233, possibly even towards key 1.1180.
  • But above 1.1322/25 opens risk up to 1.1360.
4 hour EURUSD Chart

GBPUSD threat to the cycle low at 1.2505

A low-level digestion Thursday of the Tuesday-Wednesday selloff after the early July break below 1.2641 support, further damaging the basing efforts from June, to keep risks lower into Friday.

For Today:                                               

  • We see a downside bias through 1.2555 and 1.2540; break here aims for the cycle low at 1.2505, maybe closer to 1.2474.
  • But above 1.2617 opens risk up to 1.2645 and maybe 1.2701.
4 hour GBPUSD Chart

USDCAD bias lower

A probe lower Thursday after Wednesday’s plunge through 1.3053 support to another new selloff low at 1.3031, re-energising bear pressures from the aggressive June plunge (since the Fed Meeting), aiming lower Friday.

For Today:

  • We see a downside bias for 1.3031; break here aims for 1.3000, maybe 1.2961.
  • But above 1.3119 opens risk up to 1.3145
4 Hour USDCAD Chart

AUDUSD risks higher

A prod higher and a setback Thursday exactly from our .7048 resistance, but whilst holding above .6986 we still see positive forces from Wednesday’s surge above the early July recovery peak at .7035 after Tuesday’s rebound, to reinforce the prior push above our key .7022 resistance, to keep the bias higher Friday.

For Today:                                                         

  • We see an upside bias for .7033 and .7048; break here aims for .7069 and maybe .7103.
  • But below .6986 opens risk down to .6953/40.
4 Hour AUDUSD Chart

NZDUSD threat higher (despite dip)

A dip Thursday but holding above .6670 support at .6673, to hold onto upside forces from Wednesday’s firm advance above .6704 resistance to reject the early July selloff through the uptrend line from early June, keeping the bias higher for Friday.

For Today:

  • We see an upside bias for .6720/29; break here aims for .6748 and maybe .6760.
  • But below .6673/70 opens risk down to .6653.
4 Hour NZDUSD Chart

USDJPY holding onto a positive, basing tone

A consolidation Thursday after Wednesday’s rebound from 107.50 (just below our 107.54 support) to still hold onto a positive bias from the latter June rally and early July sprint higher through various resistances (including the bear trend line from April) for a small base, to keep risks higher into Friday.

For Today:

  • We see an upside bias for 108.26; break here aims for 108.51, maybe 108.72/80.
  • But below 107.50 opens risk down to 107.10.
4 Hour USDJPY Chart

Steve Miley

Editor in chief

Steve Miley has 29 years of financial market experience and as a seasoned expert now has many responsibilities. He is the founder, Director and Primary Analyst at The Market Chartist, the Editor-in...continued

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