Friday, 7 December 2018

Midweek Forex Setups and The NFP

The market has shown a lot of reversals this week as we are having some very strong fundamental releases, big moves have been seen in pairs like the AudUsd and UsdChf and the other related Forex pairs. we have taken a closer look at this price action to work out the possible outcome of the today's Non Farm Payroll  and the Canadian Employment change data.



We are highly expecting a very weak US Dollar this December based on the seasonal Tendency data and also based on the previous months outcome which gave us a huge number of people on the US Employment data, we are expecting a drop towards 170k which will give an upward boost to pairs like EurUsd and AudUsd.

Trading the Cad will be a little difficult as our fundamental strategy does not give a clear indication but its shows a very huge move coming in the Canadian pair but most importantly the UsdCad will likely to move the most today. 

UsdCad 
A beautiful Head and Shoulder pattern builds


EurUsd
The EurUsd has been ranging 1.1300 and 1.14450 in the previous days and we looking to buy the pair as price currently broke above and retested the trendline.




XauUsd
On the XauUsd price broke up towards the upside and we looking for the upward move to continue during this news event. we will be holding our positions on this pair as we are trading the dollar weakness this Nfp.

Previous Setup


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Sifiso Nkwanyana

Author & Editor

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