NFP Day is Here

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

As a speculator you must embrace disorder and chaos. ~ Louis Bacon

Good morning and Happy NFP Day! Dollar holds gains ahead of today’s Job Report, while EUR struggles to recover – currently trading in the $1.23 zone – which is quite far below former key support at $1.26. Here are some charts of interest for today:

USD Index

USD Index Daily 6-1-2012

USD Index Daily 6-1-2012

 S&P500

still in consolidation mode between 1300 and 1340 and it looks like a bear flag. There’s much pressure on support zone at 1300 and today’s NFP should provide the fuel to exit the range

SPX Chart Daily 6-1-2012

SPX Chart Daily 6-1-2012

EURUSD

$1.25 and $1.26 look so far away now, when every rally is being sold even if it’s only a 30, 50-pip gain.

EURUSD Chart Daily 6-1-2012

EURUSD Chart Daily 6-1-2012

Hourly chart looks “better” from a technical perspective and it’s easy to see where to expect resistance in case of rally as a reaction to NFP – and that’s $1.2400

EURUSD Chart Hourly 6-1-2012

EURUSD Chart Hourly 6-1-2012

 AUDNZD

Former support at 1.2900 became resistance and yesterday’s rally was sold. Time to expect more weakness?

AUDNZD Chart 4hrs 6-1-2012

AUDNZD Chart 4hrs 6-1-2012

USDCHF

Perhaps this rally is a bit too strong and a correction would be welcome. Two big figures below current level is where support should be formed

USDCHF Chart Daily 6-1-2012

USDCHF Chart Daily 6-1-2012

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About abwehra group

The Art&Science of Trading Gold
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