Weekly USDCAD & GBPUSD technical analysis into NFP


The following is weekly USDCAD and GBPUSD technical analysis into NFP print scheduled on Friday. Note the major technical levels and Forex trade opportunities for these two currency pairs.

03 October, AtoZForex – This week is all about the US Non-Farm payrolls report and employment data due on Friday. Heading into the NFP data, we have technical analysis for two G10 pairs.

Weekly GBPUSD technical analysis

Based on this week’s technical analysis, underlying GBPUSD trend remains to the downside following a vote for Brexit. Nonetheless, the pair is in correction phase at the moment but we have first signs of bearish continuation from daily technical analysis.

weekly USDCAD and GBPUSD technical analysis into NFP Daily GBPUSD technical analysis into NFP (click to zoom in)

MACD has shifted to the downside and is continuously forming bars below its signal line. In addition, both daily moving averages are sloping to the downside. Hence, with the price crossing Fibonacci 0% retracement level as we speak, the focus has shifted towards a custom Fibonacci -10% retracement zone at 1.280.

Weekly GBPUSD fundamental analysis

From fundamental GBPUSD perspective we have Forex trade opportunities throughout the week. On Monday, Manufacturing PMI releases are scheduled for the US and UK. The US ISM Manufacturing PMI fluctuates around a neutral 50 level with September US consensus at 50.4, while UK’s at 52.1. A continued divergence of PMI data (UK economic expansion, US economic contraction) could result in a sharp price correction and we could see the price bounce back to 1.290 and possible further towards 1.298.

Similarly, Wednesday and Friday can provide us additional GBPUSD trade opportunities with US and UK Services PMI due on the same day and NFP scheduled afterwards accordingly.

Weekly USDCAD technical analysis

USDCAD continues to trade lost between 50 and 200 day moving averages. Yet still forming higher highs and higher lows since August. Therefore, we could continue to expect further upside from a major 1.310 level, aiming towards the first target based on USDCAD technical analysis of 1.319 and second at 1.328.

weekly USDCAD and GBPUSD technical analysis into NFP Daily USDCAD technical analysis into NFP (click to zoom in)

Our nearby support levels fall on 1.305, and psychological 1.300 area. Meanwhile, resistance levels are located at custom Fibonacci 10% retracement level at 1.319, psychological 1.325, and Fibonacci 0% retracement level at 1.328.

Also see: Weekly Bitcoin technical analysis

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