FxGrow Daily Technical Analysis – 06th Jan, 2017
By FxGrow Research & Analysis Team
Trade on US NFP news today, Technical Levels to Watch
NFP is released by Bureau of Labor Statistics. It measures change in the number of employed people during the previous month, excluding the farming industry. This is vital economic data released shortly after the month ends. The combination of importance and earliness makes for hefty market impacts. When NFP is released, the market is highly volatile shortly before and after the release. NFP will be released today, Fri 6th Jan, at 1:30 PM GMT.
EUR/USD technical levels to watch:
Resistance levels : R1 1.0626, R2 1.0679, R3 1.0732, R4 1.800
Support levels : S1 1.0547, S2 1.0478. S3 1.0420, S4 1.0354
Remark : R2 and S2 levels are the psychological levels where they both will support bulls and bears attacks.
GBP/USD technical levels to watch :
Resistance levels : R1 116.23, R2 117.43, R3 118.37
Support levels : S1 114.84, S2 114.15, S3 112.83
Remark : long positions above R1 will boost further rallies to previous high levels (R2&R3). S1 is a hard level, any penetration will prevail further dips towards S2&S3 levels.
USD/CHF technical levels to watch:
Resistance levels : R1 1.0146, R2 1.0212, R3 1.0291
Support levels : S1 1.0081, S2 1.0006, S3 0.9934
USD/CAD technical levels to watch :
Resistance levels : R1 1.3277, R2 1.3396, R3 1.3400, R4 1.3455
Support levels : S1 1.3235, S2 1.3202, S3 1.3157, S4 1.3080
Remark: The cable is highly volatile due to crude oil levels + US NFP today + Canadian local data
AUD/USD technical levels to watch :
Resistance levels : R1 0.7369 , R2 0.7439, R3 0.7496, R4 0.7564
Support levels : S1 0.7259, S2 0.7198, S3 0.7135, S4 0.7064
Remark : long positions under S1 will increase further selloffs and wash towards lower supporr levels. On the other hand stalling above R1 will trigger further confidence for Aussie and bullish attack towards R2 & R3.
NZD/USD technical levels to watch :
Resistance levels : R1 0.7072 , R2 0.7153, R3 0.7223
Support levels : S1 0.6967 , S2 0.6885, S3 0.6808
Gold Technical levels to watch :
Resistance levels : R1 1181.25, R2 1193.14, R3 1202.70, R4 1214.07
Support levels : S1 1170.26, S2 1160.79, S3 1149.92, S4 1136.94
Remark : Gold or XAUUSD is highly volatile against US dollar. Long positions above R1 will favor more bullish trend towards R2 level which is articular and above it with targets towards R3, but be careful for a set back from R2 level on the first test. Below S2 level, gold will turn bearish and more wash towards S3&S4.
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Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.