07 March, AtoZForex, Limassol – Despite a positive NFP figures announcement on Friday, USD could not appreciate as much as investors would have liked as the other fundamental data were rather disappointing. In today’s daily Forex market outlook we look into post-NFP trade set-ups for Forex and Commodities.
NFP vs. average weekly working hours
Overall, USD is expected to be the main fundamentally driven currency as the NFP figures did not create the confidence that the market participants were looking for. The main focus was not actually the NFP figures but the average earnings as well as average weekly working hours.
Despite NFP figures stood positive, average weekly working hours declined according to the report. For traders who would be wondering “so what is the deal?”
It appears that new employment opportunities are created by cutting from the average working hours of the existing employees, which is not positive. Additionally some of the oil industry players are cutting off their employees as they can not support shale oil production at the current market prices.
AUDUSD bullish price-action
Starting with AUDUSD, we can immediately notice a shift in price action as the pair broke above its resistance level making a higher high for the last week.
Such market development gives us an opportunity to look into two possible trade set ups, first to long AUDUSD from its lows towards 0.7588 level and second hunt possible retracement movements from the given resistance levels.
AUDUSD LONG (BUY Limit) @ 0.7357, SL@ 0.7315, TP1@ 0.7370, TP2@ 0.7440, TP3@ 0.7520
AUDUSD SHORT (SELL Limit) @ 0.7589, SL@ 0.7630, TP1@ 0.7540, TP2@ 0.7440, TP3@ 0.7370
GBPUSD ready to reverse?
As Brexit fears fade under the shadows of other mainstream immediate fundamental developments, GBPUSD has been forming a possible reversal candlestick formation if the last two weekly candles were to be combined. However, possible long positions should be placed from further lows not from highs.
GBPUSD LONG (BUY Limit) @ 1.4004, SL@ 1.3965, TP1@ 1.4065, TP2@ 1.4160, TP3@ 1.4280
In the webinar you will see other currency pairs such as EURUSD, USDJPY, Gold, Crude Oil and USDTRY being analyzed as well.
Today’s session was sponsored by ADS Securities London.