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Post NFP Scalps Target USD Breakout - Weekly Opening Ranges in Focus

Post NFP Scalps Target USD Breakout - Weekly Opening Ranges in Focus

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Talking Points


Chart Created Using FXCM Marketscope 2.0

Notes:The NFP release charged a rally into the first two resistance objectives noted on Thursday at 11,935 and the July median-line (which is now holding as resistance & the weekly ORH). Note that momentum is also holding just below the 70-threshold as price holds this technical feature. Look for near-term support at the former upper ML parallel backed by 11880. The broader trade remains constructive above the highlighted bullish invalidation level noted last week (adjusted for slope).


Notes:Gold made a decisive break of a support region we have been tracking for the past 3-weeks at 1195/98. The region is defined by the 1.618% extension of the decline off the yearly high, the 61.8% retracement of the advance off the November low and basic trendline support. The region was also defined by the weekly opening range low heading into Friday’s release with the break prompting a $30+ drop into near-term support at 1168. A break below this region targets more significant support at 1150/51. Near-term we’ll be on the lookout for a possible recovery if the dollar falters- Interim resistance stands at today’s highs (former upper MLP in blue) with near-term resistance & bearish invalidation steady at 1195/98.

Relevant Data Releases

Other Setups in Play:

---Written by Michael Boutros, Currency Strategist with DailyFX

For updates on this scalp and more setups follow him on Twitter @MBForex

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.