Will U.S. Non-Farm Payrolls Be A Game Changer?

This is how MyFXspot.com trades now:

EUR/USD

Trading strategy: Await signal

Open: -

Target: -

Stop-loss: -

Recommended size: -

Short analysis: While the outlook is quite negative due to daily close below 1.1497, 61.8% of the 1.1301-1.1815 rise, trading near the 30-day lower bolli-band, now at 1.1499, hints that the market is oversold. We are waiting for U.S. non-farm payrolls. In our opinion this release may change market picture.

GBP/USD

Trading strategy: Await signal

Open: -

Target: -

Stop-loss: -

Recommended size: -

Short analysis: GBP/USD extended gains on Thursday to rise back above 1.30 after an EU source close to the negotiations said Britain's new proposals were positive. Bearish momentum is fading and U.S. non-farm payrolls are likely to be a breaking event for near-term trend.

USD/JPY

Trading strategy: Await signal

Open: -

Target: -

Stop-loss: -

Recommended size: -

Short analysis: The USD/JPY posted its biggest one-day gain since July when in closed up on Wednesday 92 pips. The market has been trading comfortably above the 200-week moving average, now at 113.21, leading us to deduce the bias is on the upside. Scope growing for gains to test 115.33 Fibo, a 76.4% retrace of the 18.66 to 104.56 (Dec 2016 to Mar 2018) fall. Today’s price action suggests that a deeper corrective move is likely here, especially if U.S. non-farm payrolls disappoint tomorrow. We have canceled our bid.

USD/CAD

Trading strategy: Sell

Open: 1.2950

Target: -

Stop-loss: 1.3075

Recommended size: 1.54 mini lots per $10,000 in your account

Short analysis: Canada's jobs data for September and August trade data are due on Friday and could help guide expectations for another Bank of Canada interest rate hike as soon this month. We keep USD/CAD sell order at 1.2950.                                                      

AUD/USD

Trading strategy: Await signal

Open: -

Target: -

Stop-loss: -

Recommended size: -

Short analysis: The 21-day MA exerts bearish influence, the September 14 low breaks and RSIs are biased down. Bear sentiment is growing. A test of the 2018 low seems likely. We will watch how price action around that low develops. If it breaks we will likely look to get short.

EUR/GBP

Trading strategy: Await signal

Open: -

Target: -

Stop-loss: -

Recommended size: -

Short analysis: The pair is consolidating losses between the 10- and 100-day MAs. RSIs are biased down. Bear sentiment is present. We will watch how price action around the 200-day MA and September low develop before putting on a position. Stand aside for now.