NFP Report Keeps Market Quiet

Article originally published on 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 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


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


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 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


About abwehra group

The Art&Science of Trading Gold
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