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Pre-NFP Price Action Setups (Oct. 5, 2017)

Pre-NFP Price Action Setups (Oct. 5, 2017)

2017-10-05 19:00:00
James Stanley, Strategist
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- 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.

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- This is one of the many DailyFX webinars that we host each week, most of which are completely free to all traders. If you’d like to attend this event in the future, or if you’d like to find another of our webinars that may fit your trading style even better, please check out our DailyFX Webinar calendar to find the best session for you.

- In this webinar, we used price action to look at markets ahead of tomorrow’s Non-Farm Payrolls report out of the United States. Going into tomorrow’s release, the expectation is very low for +80k jobs to have been added to American payrolls.

- The first market we looked at was DXY, as the Dollar continues to show strength ahead of tomorrow’s release. DXY is running up towards a key zone of resistance that runs from 94.08-94.30, and if USD can take out this zone of resistance, the prospect of bullish continuation will look considerably more attractive.

- We then looked at AUD/USD for USD-strength scenarios. Since September 21st, the Australian Dollar has shown weakness, and if we do see USD-strength play-out, that weakness in Aussie can be beneficial for a short-side setup in the pair. Support is showing around this week’s low of .7800, and a re-test of resistance in the area around .7850 can open the door for short-side setups.

- We then moved over to USD/JPY, which is currently finding support atop the long-term zone that runs from 111.61-112.43. After catching resistance at the top of the zone last week, followed by support at the bottom of the zone a couple of days later, USD/JPY has posed a top-side breakout to set a fresh high at 113.26. We looked at two different ways to play bullish continuation in the pair.

- We then looked at USD/CHF, which is in the process of breaking-up to fresh monthly highs. The level of .9770 had held the highs since June, and a further topside break opens the door for bullish continuation in the pair. We looked at a series of levels derived from prior price action swings that can be usable for strategies looking to run with additional topside in the pair.

- We then moved over to USD/CAD, which is continuing to show bullish movement against the longer-term bearish trend. The next ideal level of potential resistance is at 1.2660, and if this can’t hold, it appears as though a re-test of 1.2750 will be in short order.

- NZD/USD broke down to a fresh low to find support around .7150. A test of resistance at prior support around .7200 opens the prospect of bearish continuation for a re-test towards prior support around the .7000 psychological level.

- GBP/USD has unraveled over the past few days, and this is an area where traders are going to likely want to wait for some confirmation of strength before looking to get long. We looked at shorter-term charts to see how that might show-up, but there is little evidence of that taking place yet.

- EUR/USD continues to work within the longer-term zone of support. But just as we said with GBP/USD a few weeks ago can be applied to EUR/USD currently: the longer that bears punch prices while support hangs on by a thread, the more-likely a deeper retracement seems. We looked at longer-term support levels of relevance should USD-strength continue to drive EUR/USD lower.

- EUR/JPY is still near support, but just as we mentioned with EUR/USD, that’s only one side of the equation as bulls have been unable to push prices up to higher-highs. The analyst pick from two weeks ago remains active.

- GBP/JPY has completely unraveled, but an interesting potential area of support has begun to show around 148.29.

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

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