All eyes on the NFP today for direction on US interest rates and any new emerging trends on the currency front. More attention will be placed on the participation rate and average hourly earnings so be mindful of these figures when making any decisions.
Below are some key technical levels to look out for on EURUSD , GOLD and NZDUSD . With my favourite set up on the latter …the flightless bird..The Kiwi.
EURUSD is currently trading in a channel , with the red trendline determining whether it stays on the topside or breaks lower. The most prudent trade here would be to wait for a retrace following a break lower off the red trendline to look at going short.
GOLD looks good for a long entry around 1257 and for further continuation upwards. Stop around 1245
NZDUSD – The Best technical set up I have found. Strong support exists in the blue shaded zone off a weekly chart. Looking to buy Kiwi between 0.68050 – 0.67750 , stop 0.67150. If it sticks will be great for a longer term positional play.
As always with NFP be mindful of trade size and manage risk accordingly.
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