Get Prepared For a Rough Ride Ahead of US Non-Farm Payrolls Week.

Economic News

USD

Still Looking For Direction.

EUR

Will the European Fundamentals Force ECB to Cut Rates?

JPY

Carry Trades Are Still the Name Of The Game.

Oil

Looking To Break 2 Month's Low.

Technical News

EUR/USD

Since the last bearish move, the pair has been consolidating around the 1.5700 level for quite a while now. The hourlies provide bearish signals, suggesting that the restoration of the bearish momentum is due. Going long appears to be preferable today.

GBP/USD

The pair has been range-trading for a while now, with no specific direction. The Daily chart's Slow Stochastic providing us with mixed signals. All oscillators on the 4 hour chart do not provide a clear direction as well. Waiting for a clearer sign on the hourlies might be a good strategy today.

USD/JPY

There is a very distinct bullish channel forming on the daily chart, as the pair is now floating at the top barrier of it. However, the RSI on the one hour chart has peaked at the over-bought zone, and been dropping ever since, suggesting that a bearish move is impending. A bearish cross on the 4 hour chart's Slow Stochastic also supports that notion. Going short with tight stops seems to be a good strategy.

USD/CHF

For the past few days the pair has been floating around 1.0350, with no apparent breach. Now however, new sings for a bearish move are given in the form of a bearish cross on the Slow Stochastic of both the daily and the 4 hour chart. Traders are advised to wait for the break and swing.

Source: FOREXYARD