2024-03-07 • Updated
The USD Index (DXY) dipped below the 103.00 support level for the first time since early February, indicating a significant decline in the US dollar. The focus on March 8 will be on the release of Non-farm Payrolls, the Unemployment Rate, and a speech by the Fed’s J. Williams. EURUSD reached new multi-week highs near 1.0950 after the ECB decided to maintain monetary conditions unchanged. GBPUSD surged to fresh 2024 highs above 1.2800, driven by increased selling pressure on the US dollar. USDJPY fell to new five-week lows below the 148.00 support level, influenced by lower US yields and speculation about the BoJ’s potential actions.
Following the violation of the previous low as indicated by the horizontal arrow, we’ve seen price action on the Daily timeframe of EURUSD climb back up rather quickly to retest the recent supply zone that brought about the break of structure. There is also a resistance trendline, as well as the Fibonacci retracement levels which could be considered as confluences in favour of a bearish sentiment.
Analyst’s Expectations:
Direction: Bearish
Target: 1.08568
Invalidation: 1.10040
The daily timeframe of GBPUSD, following the break below the previous low, is currently trading within the supply zone formed right before the break of structure. As a result, I am considering the possibility of a bearish pressure on GBPUSD as a result of the NFP data; this is based off of the Fibonacci retracement levels and the supply zone purely - I’ll be cautious here though, since there aren’t several confluences to consider.
Analyst’s Expectations:
Direction: Bearish
Target: 1.26629
Invalidation:1.30024
Here on the daily timeframe of USDJPY we clearly see the uptrend as indicated by the moving averages, with the 50 and 100 period moving averages providing ample support for the price action at the moment. Combining this with the bullish array of the moving averages and the Fibonacci retracement levels, I presume the market could regain bullish momentum in a short while - possibly as a result of the NFP data.
Analyst’s Expectations:
Direction: Bullish
Target: 149.718
Invalidation: 145.815
The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.
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Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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