EUR/USD long trade based on the Non Farm news candle showing strong upward momentum: -4H strong support zone off a rising support channel. - Price has found strong support off the 61.8 retracement level on the daily chart.. - 5M chart indicating more upward momentum.
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Hi everyone. Aside from the Yen, which lost a lot of ground after newly appointed Japanese finance minister Naoto Kan said he prefers the Yen to continue its current decline, the markets remained within ranges, most likely waiting for the NFP release later today. We do expect the data to possibly cause a breakout, and in our case, we dont care in which direction. The 1.42 level has held nicely and most recently the 1.4300 figure on EUR/USD. Fundamentals are mixed all across the world, except in Australia, where retail sales jumped to 1.4% last month, much higher than the anticipated .4%; however, if you take a look at historic figures, the data is very volatile and should be taken with a grain of salt. We favor a break below 1.4200 to test 1.4000. Were setting this up for the News! Trade service. If youd like to see how we trade the news, please register at the following link: www2.gotomeeting.com News! Trade: Trading Non-Farm Payrolls Live When: Friday, January 8, 8:00am US Eastern time (2:00pm Amsterdam, 5pm Dubai, 10pm Tokyo) We look forward to seeing you there. Until then.
As we expected, the dollar continued gaining ground against the majors. As we reported yesterday, the breakout last week had no momentum and the reversal late last week signaled for further dollar strength. Will it continue? Thats the magic question. We think so. There is a lot of global uncertainty and we think the dollar will benefit from it as it did during the first crisis 2 years ago. We dont know how quickly or how long the dollar appreciation will last, but on the longer term charts …
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