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Trading plan for 02/02/2018

The US Dollar is strengthening in anticipation of the US labor market report, finding additional support in higher yields on debt. AUD and NZD are losing the most, AUD / USD strongly drops towards Thursday's lows at 0.8000 and NZD / USD bounced from 0.74 and now it is at 0.7360. Futures contracts on the SP500 are 0.1% below the line and below 2820 points Chinese indices are on a modest plus, but for example in Tokyo, weak moods dominate.Oil is climbing last week's peaks.

On Friday 2nd of February, the event of the day is the US Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings and Participation rate data release in the afternoon, but the market participants should keep an eye on Construction PMI from the UK and Producer Price Index data from the Eurozone.

EUR/USD analysis for 02/02/2018:

The US Dollar gains on all main currencies on Friday, although it only triumphs the most in relation to AUD and JPY on a weekly time frame. The market is cautiously optimistic about the US labor market report that we will receive this afternoon. The highlight NFP Payrolls are expected at the level of 181k (141k prior), Unemployment Rate should remain stable at 4.1% and Average Hourly Earnings should decrease slightly from 0.3% to 0.2% on monthly basis.

Let's now take a look at the EUR/USD technical picture at the H4 time frame. The market is about to test the last swing high at the level of 1.2539 in overbought market conditions. The technical support is seen at the level of 1.2474 and the next is seen at the level of 1.2384. Any violation of the lower channel line will be the first confirmation that the top is in and lower prices should be expected.


Market Snapshot: AUD/USD breaks lower

The price of AUD/USD has broken out of the upward channel and now is testing the technical support at the level of 0.8000.The downward pressure remains strong as the momentum indicator is still below the level of fifty, so the lower levels are expected. The next technical support is seen at the level of 0.7934.


Market Snapshot: DAX sell-off continues

The price of German DAX index is penetrating the lower levels of the zone as it broke below the key support at the level of 12,953. The next target for bears is seen at the level of 12, 782. The untested technical resistance level is seen at 13, 136.


The material has been provided by InstaForex Company -