10.00 GMT,Friday again,,, This is the first Friday of the month so we will meet the most noticeable economic indicator in the financial world -- US Non-Farm payrolls. The slowing growth all over the world will end up with more cutting jobs. In US which is the epicenter of global crisis, the economy is getting slower. We saw every weeks its initial jobless claims were growing, so we might assume that its Non-farm payrolls will be worse than before. Polls made by Reuters expect NFP will come out -320K in November compare with -240 in October. This kind of figure might weaken the US dollar against other major currencies, and also might deteriorate Dow Jones further.
Let see one by one,,,,
On GBP/USD -- we see a resistance at 1.4815 and support at 1.4630. We might open a buy position arround 1.4665 stop loss at 1.4810 target at 1.4815 Or if the price break 1.4750 after the release of NFP figure, we might open a buy position above that number, put a stop loss near 1.4660 target arround 1.4900.
On USD/JPY -- As NFP figures will deteriorate Dow Jones Index, USD/JPY will go down further. It is unwinding carry trade, yen is getting stronger. We can open sell on a retrace arround 92.30, put a stop loss near 92.70 and target near 91.00
Ok folks,, that's my opinion so far,, happy trading,,and please give me some inputs,, thanks
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