We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Bullish
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • The British Pound technical outlook still seems to favor the downside. GBP/CAD may pressure key rising support from August as GBP/AUD could prolong its downtrend. GBP/CHF may fall. Get your $GBP market update from @ddubrovskyFX here: https://t.co/hBOpDKXmfW https://t.co/AJlT2YKeCu
  • USD/JPY is approaching medium-term uptrend resistance and while the outlook remains constructive, the advance may be vulnerable near-term while below confluence resistance. Get your $USDJPY technical analysis from @MBForex here: https://t.co/93D7AyhHtG https://t.co/KQcLLrkMP3
  • AUD/USD has had the most impressive show of trend over the past couple of months with the pair gaining almost 1500 pips from the March low. Get your $AUDUSD technical analysis from @JStanleyFX here: https://t.co/vLz4Rpln3u https://t.co/AOwnJja5V8
  • Has the #Euro been saved? Find out from @CVecchioFX here: https://t.co/eiXfOTyGa6 https://t.co/AyRiYpb4cN
  • U.S. Market Analyst at https://t.co/JsVsSmefgR, Shain Vernier covers - ✔️ Safe haven assets in volatile markets ✔️ Central banks and governments ✔️ How will commodities trade in a recession Only on Trading Global Markets Decoded #podcast. Tune in here: https://t.co/1UmEzEbwiy https://t.co/ygwjGNvS61
  • The $USD, Euro, British Pound and Australian Dollar will all be at the mercy of political developments in Asia, Europe and North America this week. An avalanche of PMI data will set the backdrop. Find out from @ZabelinDimitri here: https://t.co/L8cfAgVx94 https://t.co/THWhPAS6AM
  • The price of #gold plunged 1% immediately after the stunning US jobs report crossed the wires. Get your market update from @RichDvorakFX here: https://t.co/8i0L6YIqjy https://t.co/y9dIXazJf9
  • S&P 500, Dow Jones, Nasdaq explode higher with stocks surging in response to shockingly better-than-expected monthly jobs data. Get your #equities market update from @RichDvorakFX here: https://t.co/nuMVWOzzuC https://t.co/M3nGBjd7kZ
  • The record-breaking NFPs increase behind us and the FOMC rate decision on Wednesday sets the tone for my trading video: 'Dow Soars Above 200-Day Average on NFPs, Will the #Fed Keep the Dollar Sliding' https://www.dailyfx.com/forex/video/daily_news_report/2020/06/06/Dow-Soars-Above-200-Day-Average-on-NFPs-Will-the-Fed-Keep-the-Dollar-Sliding.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/kquvec5HVc
  • Seasonal factors, oversupply issues and the outbreak of COVID-19 has seen the price of liquefied #naturalgas (LNG) fall to 22-year lows (1.519), with the situation exacerbated by ‘fuller-than-normal’ storage facilities. Get your market update here:https://t.co/VOqfkBQ4aR https://t.co/OsaphmqEmu
pre-NFP Price Action Setups (8.3.2017)

pre-NFP Price Action Setups (8.3.2017)

2017-08-03 20:30:00
James Stanley, Strategist
Share:

NFP Preview – Price Action Setups (8.3.2017)

- If you’re looking for trade ideas, please check out our Trading Guides. And if you’re looking for shorter-term trade ideas, please check out our IG Client Sentiment.

To receive James Stanley’s Analysis directly via email, please sign up here.

- In this webinar, we used price action to look at macro markets ahead of tomorrow’s NFP report, and after today’s Bank of England ‘Super Thursday’ batch of announcements.

- The first market we looked at was the U.S. Dollar via ‘DXY’. The move of weakness has continued after a brutal July for the Greenback. While this was very much along the lines of our Q3 forecast, the fact that the Dollar remains so exuberantly weak could be a daunting prospect for trend-followers. When the Dollar finally does see a pullback, how deep may it run? Rather than taking a direct stance on USD, traders can look to extrapolate continued USD-weakness in markets such as EUR/USD, AUD/USD, or NZD/USD. Given that we have a ‘big’ us market release on the calendar for tomorrow, this can open the door to such a possibility.

- EUR/USD: Too hot to handle for bullish continuation at the moment. A deeper pullback around NFP tomorrow could open the door to top-side continuation plays. We looked at a series of support levels that can be usable for such a purpose. IG Client Sentiment remains stretched here, with more than three traders short for every one long, as of this writing. Given retail sentiment’s traditional contrarian nature, this is bullish for the pair.

- GBP/USD: Down to Fibonacci support after a dovish BoE outlay. But within the BoE’s meeting minutes was a warning of rate hikes that markets are seemingly discounting, or ignoring altogether. As inflation has remained well-above the BoE’s 2% target, the very realistic possibility of rate hikes has started to get priced-in to the British Pound. Will bulls let Cable fall further? We looked at two possible support areas to follow on GBP/USD using recent price action dynamics.

- EUR/GBP: Broke above the .9000 level today, and this is rarified air for the pair as EUR/GBP struggled to hold above .9000 for a month after the British Pound flash crash, only to fall back down to support around .8300. But as Euro strength has become a primary theme for FX markets, this mornings burst of weakness in GBP drove the pair back above this level. If EUR/GBP finds its way back-below .9000, there could be an interesting fade setup. Conversely, if support settles in around .9000, a bullish continuation play could be in the cards.

- GBP/JPY: Legitimate reversal potential after the pair peeled-down from the confluent zone of resistance that runs from 147.75-148.45. A downside break of 144.00 would make the bearish theme look considerably more attractive.

- USD/JPY: Support at 109.90 deserves some attention, but the themes of Yen-weakness appear to be waning as the Yen has been unable to offset that burst of USD-weakness in July. We looked at how near-term price action can be used to substantiate bullish plays on the pair provided that prices stay > 109.90.

- AUD/USD: Pullback to support, significant resistance exists above the .80-handle, so plays should concentrate near-term targets at or below this area of resistance.

- NZD/USD: Still attractive topside play, and one of the more attractive setups for continuation of USD-weakness. A deeper pullback to the .7335 area could be very attractive for bullish continuation setups.

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

To receive James Stanley’s analysis directly via email, please SIGN UP HERE

Contact and follow James on Twitter: @JStanleyFX

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

DISCLOSURES

News & Analysis at your fingertips.