Forex Trading Library

Intraday Analysis – Dollar Awaits NFP!

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SPX 500 continues to tumble

The S&P fell for a third consecutive session as the attempt at record highs looks like a distant memory. As the index shed another 200 points, the next target becomes 4.6k, the previous swing high six months ago. Currently hovering around the 4.7k level, support here could propel prices. However, a push to fresh highs looks unlikely for now at least until the NFP and the Fed’s next move are confirmed.

BTCUSD remains on target for $50k

With the recent sell-off on Bitcoin looking to dampen momentum, the crypto pair remains in a bullish channel as it avoided falling through the $40k level. As we now see some support in the channel, traders are looking for the trend to continue towards $50k. The pair will need to recapture the $46k handle, with $43.5k being the first target. However, it is worth noting that a break of $42k could confirm the long term bearish divergence, sending prices towards $40k.

EURUSD falls away from 1.11

As the currency pair has fallen over 100 pips in just a few short sessions, the greenback has gained some traction just before the Non-Farm data. With the RSI showing a firm bearish divergence, price action saw a vast sell-off to the lower region of 1.09. A break here could lead to December lows at 1.0750. On the upside, 1.11 looks limited at this psychological level and shows heavy resistance. The 1.10 handle looks like the first hurdle for a swing back towards fresh highs.

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