Almost all traders in the world will eye on the US Non Farm payroll which is released on the first Friday of each month. The market will be volatile. Hence, you are strongly advised to sit in front of the dealing desk at that time.
AceTrader will launch the commentaries & strategies within 15-60 seconds just after the economic data is released.
After the surprise gain in U.S. weekly jobless initial claims data released earlier, Please be alert for the labor data today and kindly fasten your seat belt as the trading signals will change so rapidly.
Technical Highlights(EUR/USD):06Aug10 00:10GMT
Trend Daily Chart: Up
Daily Indicators: Rising
Hourly Indicators: Neutral
Daily Analysis: Choppy sideways trading to continue
Suggestion:
Today, expect initial choppy sideways trading in Asia n European morning until the release of key U.S. jobs data, so range-trading is the way to go until 12:30GMT. On the upside, a firm breach of 1.3236/40 wud be the 1st signal euro’s ascent fm its 2010 4-year low at 1.1876 (Jun 07) has resumed n subsequent gain twd 1.3384 wud follow, being 50% proj. of the intermediate rise fm 1.2732-1.3262 measured fm 1.3119.
On the downside, a firm breach of said y’day’s low at 1.3119 wud confirm the long-overdue correction has taken place, then weakness to 1.3060 shud be seen, being a ‘minimum’ 38.2% r of the upmove fm 1.2732 but reckon daily sup at 1.2980 wud remain intact n yield resumpton of upmove ‘later’ this month.
Today’s Market Focus
1000 Germany Industrial Production !!
1230 US Non-farm Payrolls Jul, Unemployment rate !!!
Last update 06/08/10 02:45
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