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DailyFX Roundtable: Post-NFP USD Setups & Preview for RBA, BoE

DailyFX Roundtable: Post-NFP USD Setups & Preview for RBA, BoE

Talking Points:

- DXY Rebounds as U.S. Non-Farm Payrolls (NFP) Rise 200K, Hourly Earnings Expand Annualized 2.9%.

- EUR/USD Remains Overbought Despite Growing Bets for March Fed Rate-Hike.

- GBPUSD Resilience to Persist on Hawkish Bank of England (BoE) Rhetoric.

- Wait-and-See Reserve Bank of Australia (RBA) Policy to Keep AUD/USD Under Pressure.

- Long-Term USD/JPY Range Remains Intact Following Failed Run at 2017-Low (107.32).

- Gold Prices Vulnerable to Larger Pullback as Bullish Momentum Fades.

Join DailyFX Strategists Michael Boutros and David Song to cover the U.S. Non-Farm Payrolls (NFP) report along with key trade setups going into the first full week of February. Highlighted setups include DXY, EUR/USD, GBP/USD,USD/JPY, AUD/USD, USD/CAD, USD/CHF, NZD/USD, Gold, DAX and Bitcoin.

DXY 5-Minute Chart

DXY 5-Minute Chart

DXY retraces the decline from earlier this week as the U.S. economy adds 200K jobs in January, with Average Hourly Earnings climbing an annualized 2.9% during the same period to mark the fastest pace of growth since 2009.

The series of above-forecast prints may keep the U.S. dollar afloat as it encourages the Federal Open Market Committee (FOMC) to further normalize monetary policy, and a growing number of central bank officials may prepare U.S. households and businesses for a March rate-hike as St. Louis Fed President James Bullard, Dallas Fed President Robert Kaplan, New York Fed President William Dudley, Chicago Fed President Charles Evans, San Francisco Fed President John Williams, Philadelphia Fed Presidents Patrick Harker, Minneapolis Fed President Neel Kashkari and Kansas City Fed President Esther George are all scheduled to speak over the days ahead. Want to know what other currencies the DailyFX team is watching? Download and review the Top Trading Opportunities for 2018.

DXY Weekly Chart

DXY Weekly Chart

The index is approaching down-slope support at 88.00/26 and while the broader outlook remains weighted to the downside, the immediate decline is vulnerable heading into this region. The daily momentum profile highlights the risk for a rebound next week which could ultimately offer more favorable short-entries. Bearish invalidation is now lowered to 91.33 with a break lower from here targeting the 2011 trendline support near ~86.70s.

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--- Written by David Song, Currency Analyst

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