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How Can NFP Release Affect the USD?

How Can NFP Release Affect the USD?

Information is not investment advice

In February, the NFP (Non-Farm Payrolls) delivered a great shock, surpassing the forecast by over 400%. The forecast for this month's NFP is currently tied at half of the actual figure from last month's release, which means we can expect the US Dollar to get considerably lower. Despite this sentiment, it is imperative to vet the fundamental sentiment from a technical point of view.

DXY - US DOLLAR

DXYmH1.png

DXY can dip lower after breaking above the previous high, as seen above. The retracement is clearly in line with my previous analysis. I expect the Dollar to drop toward either of the two demand zones highlighted in the chart above.

Analysts’ Expectations:

Direction: Bearish

Target: 104.5

Invalidation: 106.0

EURUSD

EURUSDH233.png

Generally speaking, a weaker dollar usually has a bullish consequence on the EURUSD and most major currency pairs. Based on this, I expect to see EURUSD climb into the highlighted supply zone before any possible drop occurs.

Analysts’ Expectations:

Direction: Bullish

Target: 1.0640

Invalidation: 1.0549

GBPUSD

GBPUSDH433.png

After the bearish break below the previous low, we see that price has created a rally-base-drop supply zone that needs to be mitigated. The supply zone also coincides with 88% of the Fibonacci retracement. Moreover, the arrangement of the moving averages suggests that the price would need to reach the marked zone to find a good enough cause for a bearish continuation.

Analysts’ Expectations: 

Direction: Bullish

Target: 1.20100

Invalidation: 1.18310

AUDUSD

AUDUSDH233.png

AUDUSD has the clearest picture of the bearish break below the previous low. We have also seen a double-bottom pattern at the most recent low, indicating a high likelihood that the price will retrace to the 0.6700 price region to find a reliable supply zone. After that, we may see a continuation of the bearish trend.

Analysts’ Expectations:

Direction: Bullish

Target: 0.67000

Invalidation: 0.65600

If you would like to trade the NFP with a professional FBS analyst, don't forget to join our live trading broadcast of the NFP release on our YouTube channel.

CONCLUSION

The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.

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Legal disclaimer: The content of this material is a marketing communication, and not independent investment advice or research. The material is provided as general market information and/or market commentary. Nothing in this material is or should be considered to be legal, financial, investment or other advice on which reliance should be placed. No opinion included in the material constitutes a recommendation by Tradestone Ltd or the author that any particular investment security, transaction or investment strategy is suitable for any specific person. All information is indicative and subject to change without notice and may be out of date at any given time. Neither Tradestone Ltd nor the author of this material shall be responsible for any loss you may incur, either directly or indirectly, arising from any investment based on any information contained herein. You should always seek independent advice suitable to your needs.

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