Volatility Expected
Ok, the day has finally arrived and the eagerly awaited NFP is only a few hours away now. Forescast is 65,000 for this month. Remember last month we severely missed analysts expectation and the figure was only 18,000. It will be interesting to see how far off we will be this time.
The markets have been in a range and today (depending on the figure) we should see the majority of the markets breakout of their range. The 4 hour GBPUSD chart below shows possible scenarios. A breakout or breakdown is highly likely and even though technically a breakdown is more of a possibility based on Osc divergence, at times like today the fundamentals are key so ignore these technical factors. However, support / resistance will still be valid but really the most important factor is the figure.
The markets have been in a range and today (depending on the figure) we should see the majority of the markets breakout of their range. The 4 hour GBPUSD chart below shows possible scenarios. A breakout or breakdown is highly likely and even though technically a breakdown is more of a possibility based on Osc divergence, at times like today the fundamentals are key so ignore these technical factors. However, support / resistance will still be valid but really the most important factor is the figure.
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Hope you all have a good weekend and look forward to next weeks trading.
Forex Analysts
Javid Shaik & Anne Chapman
posted by Javid Shaik @ 10:21 AM
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