First Friday of the month in financial world usually means it's a NFPs day or USD day :)
Is it really going to be the last piece of the puzzle ( are we going to get confirmation of September hike ? ) ?
What can we expect today ?
To better understand the market expectations/implications please check our Story of the Week here and Data Alert here
Are you ready ? If so, please check our trading plan below:
GBPUSD - medium and long term still bearish ( as long as there is a chance for two hikes this year ) but because market is extremely positioning to the downside it could easily change to neutral/bullish on any kind of disappointments / Fed hesitations:
Monthly chart:
NFPs / Intraday Trading plan: we think, that from day-trading perspective would be great if specific things happen: the headline differ from details. What does it mean ? What we are looking for ?
1) If the headline will be better but for example avg hourly earnings weaker we are going to have a chance to fade initial reaction to the downside ( looking for longs on dip towards 1,3200/3170 or even 1,3145/25 ).
2) The second scenario would be the weak headline but strong details - in that case we would like to see stop hunting to the upside first and then short ( 1,3355/75, 1,3420 or 1,3480/3530 ).
3) Otherwise, if we see * one way ticket * we will try to join the market by buying pullbacks/selling rallies.
1h chart:
EURUSD - similar situation here, still bearish but... ( please check the notes on the chart ), weekly close above 1,1450/1500 could change that.
Monthly chart:
NFPs / Intraday Trading plan: we are looking for the same pattern as above. And if that happens will look to fade rallies towards: 1,1245/55, 1,1270/90 or 1,1325/35
and opposite, will try to fade stop hunting to the downside towards: 1,1120/10, 1,1075/45 and 1,10/0980.
1h chart:
USDJPY - a little bit different story here. What we are looking for is an agreement between headline and details. If that happens we will try to join the market and we do believe market will try to reach quickly one of the zone visible on the chart below.
Weekly chart:
As usual please trade safely, we are not going to risk more than 0,25% per position.
Please let us know should you have any additional questions or you would like to discuss other crosses as well. We are here to help you, just contact us at: landoftradingATgmail.com.
Happy Trading
Mr Price Action
DISCLAIMER: This material was created for informational purposes only and represents the Land of Trading team’s view of the past and current economic and capital market environment. It is not an investment advice and should not be viewed that way at all, and the creators of this material cannot be held liable for any potential losses resulting from trading, where despite this disclaimer someone would consider this material as an investment advice. All rights reserved ©2016. Contact: landoftradingATgmail.com
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