In this Daily Trade Watch report, we look for high probability trade setups that we can trade throughout the day. Today, we will take a look at a major news event that we will have to navigate later today along with a number of important levels to consider. Therefore, we analyse the markets with all eyes on the NFP (Nonfarm Payroll) coming out of the US.
USD
Of course, employment data is very important to the world’s largest economy. The NFP data is expected to be positive and potentially very bullish for the USD. The ADP figure released on Wednesday quoted 230k jobs. This is well above expectations so it is looking positive for the USD against the majors. It is a case of trying to cherry pick the higher probability trades amongst many. So, we can make reference to further continuation to the downside in the AUSUSD and NZDUSD, especially below yesterday’s lows.
EUR
Another market to consider is a sell trade in EURGBP. We have just seen a structural failure below 0.8845 so we would, for the short term, expect prices to continue lower.
Oil
The final market to discuss are the Oil markets. Both the WTI and Brent both reversed off their recent highs with considerable volatility. This can give us an opportunity to continue lower if we get further breaks below recent lows.
We have an interesting day ahead tomorrow. With that in mind, protect your capital at all times.
All Eyes on the NFP – Full Video Analysis
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