NFP Report Keeps Market Quiet

Article originally published on innerfx.com and republished here with permission

Plans are only good intentions unless they immediately degenerate into hard work. ~ Peter Drucker

Good morning. It’s that day of the month again, when everyone is waiting for the release of NFP report, which is expected by analysts to post a figure around 150k. Most currency pairs are trading quietly since yesterday, ahead of today’s employment figures

USD Index

79.50 provides a stable barrier to the upside; sellers are probably waiting on the sideline, in case of a rally in the next trading sessions

USD Index Chart Daily 2-3-2012USD Index Chart Daily 2-3-2012

Silver

Silver climbs higher, above 34, after it found bids at 33 two days ago. October and November’s highs are next targets to keep an eye on

Silver Chart Daily 2-3-2012Silver Chart Daily 2-3-2012

AUDJPY

Daily chart is pretty much unchanged since yesterday, so we better take a look at 4hrs. As seen below, the cross is still in consolidation mode and no major change of direction is expected, in my opinion, until later today. I remain bullish on AUDJPY (short term basis)

AUDJPY Chart 4hrs 2-3-2012AUDJPY Chart 4hrs 2-3-2012

GBPUSD

Moving averages are very useful in trending markets, as they usually provide stable support or resistance levels, such as the ones highlighted below. It seems that a new test of 1.5875/00 is just around the corner.

GBPUSD Chart 4hrs 2-3-2012GBPUSD Chart 4hrs 2-3-2012

NZDUSD

NZDUSD is also worth a look due to yesterday’s small reversal candle. No need to call it a reversal yet, because it is not the most obvious proof of massive selling at recent top, but it might be a good idea to sell on weakness below .8250/60

NZDUSD Chart 4hrs 2-3-2012NZDUSD Chart 4hrs 2-3-2012

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About abwehra group

The Art&Science of Trading Gold
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