Post-NFP trade setups for the week ahead October 9, 2016

The Non-Farm Payrolls disappointed with a weaker than expected employment change of 156K and unemployment rate creeped up to 5%. Meanwhile, Canada posted a record 67.2K employment gain whipsawing the USDCAD pair quite a bit.

screenshot-at-oct-08-22-47-01
EURUSD 12-Hour

Despite the uptick in the Euro, this pair is currently in consolidation. I remain slightly bearish given that the ECB demonstrates no hesitation for further stimulus if necessary. For now, this pair is currently on my watchlist.

screenshot-at-oct-08-23-10-07

screenshot-at-oct-08-23-11-03
AUDUSD 4-hour

Last week, I was relatively bullish on the Australian Dollar. It broke the first level, but was unable to hold up. For the week ahead, I am switching to a bearish position targeting the 0.7545~ price level and possibly breaking lower 0.7450~ level.

screenshot-at-oct-08-23-28-26
USDJPY 4-Hour

Currently, this is another pair on my watchlist. I do not have definite plans on trading the sell-off that was due to a lower than expected payrolls release and Friday’s end of week position close-out.  Given my bearish stance on the AUDUSD pair, I currently expect the 102.87~ price zone to hold up given a relatively stronger U.S. Dollar.

screenshot-at-oct-08-23-49-12
USDCAD 12-Hour

The USDCAD pair broke a major price level, the 1.3200. If this breakout holds up, there will be no significant offers and a build-up of bids pushing prices higher. I am currently expecting a mild pullback on a lower time frame before making any long entries. Target is currently not defined on the 12-hour time frame as the Canadian payrolls beating expectations played next to no effect on the CAD’s gains.

Just a quick recap on NZDUSD, I still remain bearish for the week ahead. However, technical levels will need to be re-defined. This is what I will be watching upon market open Sunday night in New York time.

screenshot-at-oct-09-00-09-44
NZDUSD 1-Day

Breaking through my previous target area, I remain conservative on this pair for the time being.

Enjoy the trading week ahead!

 

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