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NFP: Price Action Setups

NFP: Price Action Setups

James Stanley, Senior Strategist

- If you’re looking for trading ideas, check out our Trading Guides. And if you’re looking for ideas that are more short-term in nature, please check out our IG Client Sentiment.

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- This is an archived webinar from a previously-hosted session. The topic of discussion was the upcoming Non-Farm Payrolls report, utilizing price action to find trade-able setups.

- The first market we looked at was DXY. DXY caught a quick blip of strength outside of its weeks’ long range after yesterday’s FOMC announcement; but prices had quickly returned back to support of that prior range. This opened the door for top-side plays going into tomorrow.

- The first USD-strength market we looked at was USD/JPY. For more information, please check out our article from earlier today entitled, FOMC ‘Transitory’ Take Sets Stage for Non-Farm Payrolls.

- We then moved over to look at the short-side of AUD/USD as another USD-strength play. The area around .7450-.7500 could be particularly attractive for bearish-continuation plays.

- We then moved over to USD/CAD, which is considerably over-bought. We looked at how we can use the zones around 1.3700 or even 1.3600 for top-side continuation strategies.

- On the side of USD-weakness, we looked at bullish EUR/USD setups. The level around 1.0933 could be interesting for re-loading of long positions.

- We then looked at GBP/USD, which could be an attractive top-side setup should the prior resistance zone of 1.2750-1.2775 come back-into play as support.

- We also looked at NZD/USD. Kiwi is currently trading underneath a big zone of support around .6870; but if buyers return to bring prices-higher, this swing point could be utilized for bullish swing setups.

- We then moved over to look at Gold prices, EUR/JPY and GBP/JPY.

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

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Contact and follow James on Twitter: @JStanleyFX

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

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