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NFP Preview - Price Action Setups

NFP Preview - Price Action Setups

James Stanley, Senior Strategist

Talking Points:

- In this webinar, we used price action to look at setups ahead of tomorrow’s Non-Farm Payrolls report, with a heavy emphasis on USD-related markets.

- The first setups we looked at were EUR/USD and GBP/USD, both of which could potentially become attractive should USD-weakness become more prominent after tomorrow’s NFP report. The U.S. Dollar has put in a sell-off over the past two days, and should this continue, EUR/USD and GBP/USD could be attractive options to gain exposure to short-USD.

- Given the ‘bigger picture’ up-trend in the Dollar is being met with two days of retracement, the more attractive side of the move is likely long-USD. For this purpose, USD/JPY is a very attractive option, as this pair had put in a significant move in the post-Election backdrop. USD/JPY has just run down to a longer-term support zone that we’ve been watching – now I want to let support develop, let shorter-term price action (on the hourly) begin to put in bullish connotations before looking to get long.

- We also looked at some ‘strange’ occurrences in markets in the early part of 2017 that are worth keeping an eye on – like moves in USD/CNH, Bitcoin and Gold. It’s too early to deduce whether there is anything ‘larger’ developing here, but the volatility in each of these markets so far in 2017 is worth watching in case it does develop into something else.

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

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