Markets Quiet Ahead Of Friday’s NFP
Thurs 6th July 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- NZDCAD (Primary Focus Pair)
- NZDJPY (Covered In Video)
- EURNZD (Covered In Video)
Primary Focus Pair: Trade Plan & Details
| NZDCAD Long | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Entry Price | 0.8210 | ||
| Stop Loss (Min) | |||
| Stop Loss (Max) | 0.8145 | -65 pips | |
| Profit 1 | |||
| Profit 2 | 0.8400 | +190 pips | 1 : 2.92 |
Details:
The markets are quiet this week largely due to the lack of US market involvement following their two day holiday.
For the remainder of the week however we have high impact data including the monthly Non-Farm Payroll data.
NZDCAD is our forex pair in focus today as NZD and CAD are the only two currencies with any confluence on both tables.
Recently we featured NZDJPY, we had been triggered into that market but have now closed it because JPY has appeared on the strong side of our day traders table.
This shifts our attention onto NZDCAD which could continue higher if buyers step back in at support.
Our trading time frame shows the hourly price forming an upward trend above a 50 moving average.
If price can retrace and retest the 50 moving average and supporting lows at 0.8210 then we could see buyers look to take advantage of the bullish trend from this support.
Technical Observations:
- NZD is S1 and CAD is W1 on the day traders tables.
- Price is bullish making higher highs and higher lows on the hourly chart.
- Price has formed a support at 0.8210.
- Buyers could look to go long here.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
