Trading news

Forex trading plan for Dec. 5

On Friday market attention will be glued to the US Non-Farm Payrolls release at 13:30 GMT. According to the forecast, the US economy created 231K new jobs in November (slightly more than in October). The figure will be crucial for all the currency pairs as it will impact Fed’s rate hike expectations.

On Thursday EUR/USD has recovered a figure from the multi-month low of 1.2300 as the ECB announced no QE. According to Mario Draghi, ECB could alter stimulus measures in early 2015 if needed (not necessarily in January). Mario Draghi is clearly advocating new stimulus, so the overall picture for EUR/USD remains clearly bearish. On Friday watch the German Factory Orders data.

USD/JPY reached 120.15. The advance was fueled by the initial decline in EUR/USD. The market players are probably taking profit after such big target was hit. Support is at 119.50, 119.10 and 118.60. Resistance is at 120.20 and 121.00.

GBP/USD fell to 1.5640. The Bank of England left monetary policy unchanged. Pound is still above support at 1.5595/85. We expect more consolidation around 1.5675 ahead of the US NFP release.

Thursday, 04 Dec, 2014 / 4:11

Source : http://fxbazooka.com/en/analitycs/show/3006

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