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NFP Preview - Price Action Setups

NFP Preview - Price Action Setups

James Stanley, Senior Strategist

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- Tomorrow brings the final significant U.S. data print before the Federal Reserve begins their two-day policy meeting next week, in which much of the financial world is expecting the bank to hike rates for only the 3rd time in the past 10 years.

- We started off by looking at the U.S. Dollar in a rather benign state. The bullish trend-channel has held, but price action is currently in the lower 3rd of that channel. The big level/zone of interest here is around 101.53. If NFP can produce a support iteration at or around this zone – this could be attractive for top-side continuation.

- Similarly, we looked at such a theme in USD/JPY, which is trading very near the short-term high around ¥115.00. We looked at a couple of different zones of interest for support to show tomorrow in the effort of longer-term, continuation plays going into next week’s FOMC announcement.

- We then moved over to AUD/USD, which appears to be filling in the bearish side of a longer-term range. This could also be an attractive spot to look for a continuation of USD-strength to show.

- We then moved over to the Kiwi. Kiwi price action is terrible for bullish stances at the moment. But there is a fairly important level of support just below current price action. If USD strength shows tomorrow at NFP, this could be an attractive zone to watch for bullish support in the effort of reversal-strategies.

- USD/CAD was next on the radar. While USD/CAD may be overbought on a near-term basis, there is a very interesting level of resistance around 1.3600. If USD strength is the result from tomorrow’s NFP report, gauging resistance here could open the door to bearish reversal strategies off of a key level.

- EUR/USD: nothing to do here, for now. Short-term range offers little by way of excitement for directional stances.

- EUR/JPY: For bullish Euro plays, this could be more exciting.

-GBP/JPY: We looked at a short GBP/JPY setup to offset short-Yen risk from the above EUR/JPY long setup. This would be an effective long EUR/GBP synthetic played through the Yen.

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

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