Equity markets and Gold fairly stable, consolidating ahead of the NFP figures today. Gold continues to hit resistance at the 89MA on the D chart, after rallying strongly on Thursday, it is now hovering and consolidating for the 3rd straight session – undoubtedly it is awaiting the NFP figure before it will head into either direction – this is the kind of “STAM-News” trade that I am looking to develop – i.e. to enter into the trade very soon after the news release.
A lot of consolidation across the board yesterday. Zero changes in terms of the STAM rating points. Thus I am still looking for the same setups – looking to buy AUD, EUR, NZD and GBP and looking to sell JPY, USD and CAD.
Note I will be rather reluctant to enter any orders into the market prior to the NFP figures this afternoon, even though many people expect the number to have a muted effect. But just think – what would happen if the August is revised significantly – this could have a rather drastic impact. This is the case for any currency pair even the non-USD pairs.
Yen Pairs – the Yen pairs are continuing to rally, albeit creep up slowly, across the board. There have not been any STAM opportunities to go long. NZDJPY is consolidating. No STAM setups on Yen.
USD Pairs – yesterday I was looking for 3BBO setups on the 4H chart, and had checked the market again at 3pm and 7pm, to no avail. How is it looking now? NZDUSD has retraced around 60 pips from the previous high, and could get some bullish price action on 4H chart. Nothing convincing at this point & can’t trade ahead of NFP. No setups on the other pairs either. Price is often trading in fairly tight ranges – which indicates to me that NFP may well NOT have a muted effect! No STAM setups on USD.
CAD Pairs – On GBPCAD I was looking for a bullish pin bar but that has not occurred. Nothing doing on the other CAD pairs. No STAM setups on CAD.
Thus, in summary, no orders to enter into the market. See what happens at 1.30pm when NFP is released.