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Webinar: NFP Preview - Price Action Setups in USD

Webinar: NFP Preview - Price Action Setups in USD

James Stanley, Senior Strategist

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Talking Points:

- In this webinar, we used price action to analyze near-term technical setups in FX markets ahead of tomorrow’s Non-Farm Payrolls report.

- Non-Farm Payrolls is always risky, but the past two months especially have seen quite a bit of volatility in the data; as May printed an abysmally disappointing +38k versus expectations of +160k, and then June was a huge blowout with a +287k print versus expectations of +180k.

- Also playing into this morning’s analysis in anticipation of tomorrow’s NFP report was the recent news of the Bank of England’s stimulus plans. The Bank of England rolled out a veritable bazooka of stimulus, and this provided a move lower in GBP-pair while further adding strength to the U.S. Dollar; but given the support that’s been showing in the wake of this morning’s announcements (support of the prior range), a reversal play may become attractive in the event of USD-weakness around NFP.

- Despite this setup in GBP, many other major pairs may look more attractive from the specter of USD-weakness, and we looked at AUD/USD, NZD/USD, USD/JPY and USD/CAD for such a purpose. USD/JPY, especially from a longer-term, macro-perspective, could show an attractive long-term setup should support develop north of the prior swing-low in the ¥100.00-area.

--- Written by James Stanley, Analyst for DailyFX.com

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