Forex Trading Long on GBPUSD & NZDUSD. USD Flies on Strong NFP! US & Japan Interest Rates this Week.
Forex Trading Long on GBPUSD & NZDUSD. USD Flies on Strong NFP! US & Japan Interest Rates this Week.
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In today’s GCI Market Outlook, let’s take a look at Forex Trading on NZDUSD, USDCAD, USDCHF, and GBPUSD.
Last Friday’s US Non-Farm Payrolls came in much better than expected spending USD flying.
Also, the average hourly earnings were higher, indicating a hot labour market making the US Federal Reserve less keen on lowering Interest Rates.
Therefore, we see a stronger USD.
If we look at the USD pairs we see a long or buying opportunity on GBPUSD with the news driving price action to the lower trend line in this bull run.
Also, the stochastic oscillator is very oversold but we will wait for an upturn and more confirmation.
We also see a short opportunity on USDCHF for the same fundamental reasons and the stochastic oscillator is overbought.
However, from the technical side, it is not so clear as we see this double bottom on the 4-hour chart.
Also, on the daily chart, this current downtrend hasn’t fully developed yet compared to the bull run from January to May.
We might be a bit more confident in a long position on NZDUSD with the stochastic oscillator looking very oversold and price action at or near support.
Also, on the daily chart, we are still in a bull run from April.
Again, with USDCAD where the news caused price action to break out of this symmetrical pennant with resistance at $1.3785 with stochastics looking overbought.
Also, Canadian Employment data on Friday was good as well so we might see some CAD strength.
But watch out for this week’s news as we see UK employment data tomorrow, and US Inflation and Interest Rates on Wednesday.
Thursday, we will take another look at JPY.
That’s all for now.
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