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Trade Setups in AUD/USD, EUR/USD, GBP/USD Ahead of NFPs

Trade Setups in AUD/USD, EUR/USD, GBP/USD Ahead of NFPs

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- EURUSD breaks October, November swing lows.

- AUDUSD loses support first - is NZDUSD a few days behind?

- Due to Capital Flows, This Time is Different in EURUSD

This week has already produced quite a bit of volatility in the major US Dollar pairs, and traders should be alert this morning for at least one more wave of volatility. The October US Nonfarm Payrolls report this morning offers up the most data from the world's largest economy, at a time when there appears to be a widening gap between its near-term growth prospects and those of the rest of the world.

Needless to say, the recent risk rally as well as US Dollar rally is heavily reliant on this Nonfarm Payrolls report coming in at or above expectations, to at least keep the party going.

A strong US NFP report here will underscore the growing divergence in monetary policy between the Fed and other central banks, mainly the BoJ and the ECB. Even though the ECB didn't introduce QE this week (in line with our expectations), President Draghi's dovish tone rang true throughout the press conference.

EURUSD may be vulnerable to continued losses now that it has lost its Q4 swing lows. See the above video for technical setups in EURUSD as well as in AUDUSD, GBPUSD, and NZDUSD.

Read more: Trade Setups in EUR/AUD, EUR/USD, EUR/GBP Ahead of ECB

--- Written by Christopher Vecchio, Currency Strategist

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

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