Best Forex - Editor's Choice

Broker Free Demo Min. Deposit Payout Payback Rating Sign Up
$100
81%
-
Sign Up
$100
71%
15%
Sign Up
24option

24option.com is a label powered by seasoned professionals in the fields of Forex trading and online marketing.
Their combined expertise ignited the launch of the 24option platform.The ease of use of the 24option user interface, online assistance and highly dedicated support make trading simple.

Anyoption

AnyOption is one of the Leading Binary Options Brokers on the market and one of the Pioneers on the web.

They offer the only trading platform on Iphone and Ipad that you can use to place trades wherever you are.

News

noimage

Preview for NFPs and Trade Setups in USD-pairs

Talking Points:

- EURUSD momentum firmly lower, in ‘sell the rally’ mode.

- USDCAD breakout requires patience – in either direction.

- See the DailyFX Economic Calendar for Friday, March 6, 2015.

The recent swell of volatility will reach its stunning conclusion for the week today at 08:30 EST/12:30 GMT, when arguably the most important data release for FX markets hits the wires: the US labor market report. The February Nonfarm Payrolls reading is due to show a slight slowdown in growth momentum from prior months (private payrolls due at 225K, from 320K in December and 267K in January), but that shouldn’t deter market participants from retaining a bullish bias on the US Dollar.

Much ado has been made about the timing of the Fed’s first rate hike, and after Fed Chair Yellen’s testimony at the Humphrey-Hawkins committee, it looks like the removal of the phrase “patient” won’t be on the doorstep of a 25-bps move. Instead, with a buffering period anticipated, market expectations seem focusing on the possibility of a September 2016 rate liftoff.

As long as headline jobs growth comes in >+200K, traders may treat the data as ‘good enough’ and instead focus on two other figures: the unemployment rate; and average hourly earnings (wage growth). The unemployment rate is due to move lower by -0.1% to 5.6%, the post-recession low, while AHE are due at +2.1% y/y from +2.2% y/y in January.

These data contain the juice of the report. A move to fresh cycle lows in the unemployment rate (5.5% or lower) or AHE above +2.2% y/y would suggest slack in the labor market is quickly diminishing, underscoring the notion that the Fed would need to raise rates sooner rather than later, and would ultimately prove to be the best source for continuation higher by the US Dollar. Otherwise, misses in these figures, while perhaps retrospectively attributed to inclement weather that gripped the Midwest and Northeast for the past month, could feed into the seemingly forgotten narrative that US economic data has disappointed (CESIUSD at -55.0, worst since July 2012).

See the above video for technical considerations in EURUSD, GBPUSD, and USDCAD.

Read more: Trade Setups in EUR-crosses and Expectations for ECB Meeting

— Written by Christopher Vecchio, Currency Strategist

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

To be added to Christopher’s e-mail distribution list, please fill out this form

noimage

EUR/USD Oversold Ahead of NFP- 1.0970 Support Remains Vulnerable

- U.S. Non-Farm Payrolls (NFP) to Expand 200+K for Twelve Consecutive Months.

- Employment Rate, Average Hourly Earnings Expected to Narrow in February.

For more updates, sign up for David’s e-mail distribution list.

Trading the News: U.S. Non-Farm Payrolls

Another 235K rise in U.S. Non-Farm Payrolls (NFP) accompanied by a downward revision in the jobless rate may heighten the bullish sentiment surrounding the greenback and spur a further decline in EUR/USD as it fuels bets for a mid-2015 Fed rate hike.

What’s Expected:

EUR/USD NFP

Click Here for the DailyFX Calendar

Why Is This Event Important:

However, a slowdown in Average Hourly Earnings may spur a mixed market reaction as the disinflationary environment dampens the Fed’s scope to normalize monetary policy, and Janet Yellen and Co. may ultimately share a similar fate to its U.K. counterpart as wage growth continues to lag behind the economic recovery.

Expectations: Bullish Argument/Scenario

The expansion service-based activity along with the rising number of job openings may generate a robust employment report, and a pickup in job/wage growth may spur a bullish reaction in the greenback as it boosts bets for higher-borrowing costs in the world’s largest economy.

Risk: Bearish Argument/Scenario

However, the ongoing rise in planned job-cuts paired with subdued household earnings may encourage the Fed to further delay its normalization cycle, and a marked slowdown in private wages may dampen the appeal of the reserve currency as it drags on interest rate expectations.

How To Trade This Event Risk(Video)

Join DailyFX on Demand for Full Coverage of U.S. Non-Farm Payrolls

Bullish USD Trade: Employment/Wage Growth Beats Market Forecast

  • Need red, five-minute candle following the release to consider a short trade on EUR/USD
  • If market reaction favors a bullish dollar trade, sell EUR/USD with two separate position
  • Set stop at the near-by swing high/reasonable distance from entry; look for at least 1:1 risk-to-reward
  • Move stop to entry on remaining position once initial target is hit; set reasonable limit

Bearish USD Trade: U.S. Non-Farm Payrolls (NFP) Report Disappoints

  • Need green, five-minute candle to favor a long EUR/USD trade
  • Implement same setup as the bullish dollar trade, just in reverse

Potential Price Targets For The Release

EUR/USD Daily Chart

EUR/USD Daily Chart

Chart – Created Using FXCM Marketscope 2.0

  • EUR/USD remains at risk for a further decline as the RSI retains the bearish momentum & pushes into oversold territory.
  • Interim Resistance: 1.1300 (100% expansion) to 1.1310 (161.8% expansion)
  • Interim Support: 1.0970 (38.2% expansion) to 1.1000 pivot

Read More:

GBPAUD Reversal at Interim Support- Scalps Target 1.9500

Retail Crowd Remains Net-Long EUR/USD- 1.0970 in Focus Ahead of NFP

Impact that the U.S. Non-Farm Payrolls report has had on EUR/USD during the previous month

January 2015 U.S. Non-Farm Payrolls

EUR/USD Chart

U.S. Non-Farm Payrolls (NFPs) increased 252K jobs in the first month of 2015, exceeding the 228K forecast, with the previous month’s print upwardly revised to 353K. At the same time, the unemployment rate unexpectedly increased to 5.7% from 5.6% during the same period as discouraged workers returned to the labor force, which pushed the participation rate to 62.9% from 62.7% in December. Meanwhile, Hourly Earnings grew more-than-expected, with the figure expanding an annualized 2.2% amid market expectations for a 1.9% clip. The better-than-expected prints certainly heightened the appeal of the greenback, with EUR/USD quickly sliding below the 1.1350 level to end the day at1.1313.

— Written by David Song, Currency Analyst and Shuyang Ren

To contact David, e-mail dsong@dailyfx.com. Follow me on Twitter at @DavidJSong.

To be added to David’s e-mail distribution list, please follow this link.

Trade Alongsidethe DailyFX Team on DailyFX on Demand

Looking to use the DailyFX Trade Signals LIVE? Check out Mirror Trader.

New to FX? Watch this Video

Join us to discuss the outlook for the major currencies on the DailyFXForums

noimage

US Dollar May Fall as Yen Gains on Soft US Employment Figures

Talking Points:

  • US Dollar May Fall as Japanese Yen Gains on Soft US Employment Figures
  • Aussie Dollar Edges Upward Alongside Australian Bond Yields Overnight
  • See Economic Releases Directly on Your Charts with the DailyFX News App

All eyes are on February’s US Employment figures through the end of the trading week. Expectations point to a 235,000 increase in nonfarm payrolls, marking slight slowdown compared with the 257,000 increase recorded in January. US economic news-flow has increasingly deteriorated relative to consensus forecasts since late December, hinting analysts are overestimating the vigor of the economy. That opens the door for a downside surprise.

A disappointing result may pour cold water on Federal Reserve interest rate hike speculation, weighing on the US Dollar. It may likewise fuel risk aversion amid fears the US recovery will be insufficient to counterbalance headwinds to global growth from downturns in Europe and China. Souring sentiment is likely to be accompanied by carry trade liquidation, offering a lift to the Japanese Yen.

The Australian Dollar outperformed in otherwise quiet overnight trade, rising as much as 0.3 on average against its leading counterparts. The move tracked an advanced in Australia’s benchmark 10-year bond yield, pointing to moderating rate cut bets as a catalyst. Still, markets are pricing in 50 basis points of easing over the coming 12 months and a 48 percent probability of a cut next month.

New to FX? START HERE!

Asia Session

European Session

Critical Levels

— Written by Ilya Spivak, Currency Strategist for DailyFX.com

To receive Ilya’s analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

noimage

Gold and Crude Oil Stall at Chart Support, SPX 500 Digesting Losses

Talking Points:

  • US Dollar Breaks Above Five-Month Range Resistance
  • S&P 500 Consolidating After Sinking to Two-Week Low
  • Crude Oil, Gold Continue to Stall at Technical Support

Can’t access the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **

US DOLLAR TECHNICAL ANALYSIS – Prices broke a five-week range to extend to the highest level in over six years. A daily close above the 23.6% Fibonacci expansion at 11965 exposes the 38.2% level at 12107. Alternatively, a turn below the 11854-78 area (March 2009 high, 14% Fib) clears the way for a test of the February 26 low at 11737.

Gold and Crude Oil Stall at Chart Support, SPX 500 Digesting Losses

Daily Chart – Created Using FXCM Marketscope

** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.

S&P 500 TECHNICAL ANALYSIS – Prices took out range support at 2101.40, with sellers now aiming to challenge the 23.6% Fibonacci retracement at 2086.40. A break below this barrier exposes the 38.2% level at 2066.00. Alternatively, a reversal back above 2101.40 aims for the February 25 high at 2119.40.

Gold and Crude Oil Stall at Chart Support, SPX 500 Digesting Losses

Daily Chart – Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices continue to consolidate after descending to a two-month low below the $1200/oz figure. A break below the 23.6% Fibonacci expansion at 1194.94 exposes the 38.2% level at 1177.51. Alternatively, a rebound above the 1216.30-21.46 area marked by trend line support-turned-resistance and the 23.6% Fib retracement targets the 38.2% threshold at 1233.73.

Gold and Crude Oil Stall at Chart Support, SPX 500 Digesting Losses

Daily Chart – Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices launched a recovery as expected, with buyers now consolidating below February’s swing high. From here, a break below channel support at 60.50 exposes resistance-turned-support at 58.17. Alternatively, a close above the February 17 high at 62.98 exposes the 38.2% Fibonacci expansion at 64.58.

Gold and Crude Oil Stall at Chart Support, SPX 500 Digesting Losses

Daily Chart – Created Using FXCM Marketscope

— Written by Ilya Spivak, Currency Strategist for DailyFX.com

To receive Ilya’s analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

noimage

NFP Setups in Focus- USD Breakout Plays

Talking Points

USDOLLAR Daily

NFP Setups in Focus- USD Breakout Plays

Chart Created Using FXCM Marketscope 2.0

Notes: We’re looking for confirmation of this push through the initial 2015 opening range high. Near-term resistance eyed into 11,935 backed by the July median-line & 12,049. Near-term support (bullish invalidation) rests with the highlighted zone between the lower parallels. A break below would risk a more drastic correction in the greenback.

USD/CAD Daily

NFP Setups in Focus- USD Breakout Plays

Notes: The pair responded to confluence trendline support in the aftermath of the BoC. We’re looking for a resolution to this consolidation with a breach targeting 1.2646 (bearish invalidation) & 1.2797. Interim support at the 1.24-handle with key support eyed at 1.2249/83 (bullish invalidation). Note that daily momentum has not broken sub-50 since March of 2014- in that instance the move triggered a four-month decline into the yearly lows. A breach above the former support trigger would offer further conviction on reasserting the long-bias. Review latest USDCAD scalp setup

USD/JPY Daily

NFP Setups in Focus- USD Breakout Plays

Notes: USDJPY is attempting to break this multi-month consolidation formation with today’s close failing to clear the February highs. A breach above the 2014 high-day close at 120.67 is needed to confirm this break with such a scenario targeting 121.43 & the 2014 stretch high at 121.84. Interim support rests with the monthly opening range low at 119.38 with a break below targeting the lower median-line parallel (blue) and we’ll reserve this feature as our bullish invalidation level. Review latest USDJPY scalp setup

Relevant Data Releases

NFP Setups in Focus- USD Breakout Plays

Other Setups in Play:

—Written by Michael Boutros, Currency Strategist with DailyFX

For updates on this scalp and more setups follow him on Twitter @MBForex

To contact Michael email mboutros@dailyfx.com or Click Here to be added to his email distribution list

Join Michael for Live Scalping Webinars on Mondays on DailyFXat 13:30 GMT (8:30ET)

Interested in learning about Fibonacci? Watch this Video

noimage

Retail Crowd Remains Net-Long EUR/USD- 1.0970 in Focus Ahead of NFP

Talking Points:

- EUR/USD Retail-Crowd Remains Net-Long Following ECB- Bearish Momentum in Focus.

- USD/JPY Climbs to Fresh Monthly High- Breakout on Tap?

- USDOLLAR Breaks Resistance- Topside Targets Remain on Radar Despite Mixed U.S. Data.

For more updates, sign up for David’s e-mail distribution list.

EUR/USD

EUR/USD Daily Chart

Chart – Created Using FXCM Marketscope 2.0

  • Despite the upbeat tone laid out by European Central Bank (ECB) President Mario Draghi, downside targets remain favored for EUR/USD as the RSI dips into oversold territory.
  • 1.0970 (38.2% expansion) remains on the radar going into the Euro-Zone’s preliminary 4Q GDP report & will continue to favor the approach to ‘sell-bounces’ as the bearish momentum gathers pace.
  • Despite the fresh lows, DailyFX Speculative Sentiment Index (SSI) shows retail crowd remains net-long EUR/USD since March 3, with the ratio currently holding at +1.21.

USD/JPY

USD/JPY Daily Chart

  • USD/JPY runs greater risk for a more meaningful advance as it attempts to breakout of the triangle/wedge formation; continuation pattern favors the approach to ‘buy-dips’ in dollar-yen.
  • Looks as though former resistance around 119.60 (23.6% retracement) to 119.80 (100% expansion) may offer near-term support ahead of the Bank of Japan’s (BoJ) interest rate decision on March 17.
  • Would like to see a close above the last swing-high (120.44) for conviction/confirmation of a bullish breakout in USD/JPY.

Join DailyFX on Demand for Real-Time SSI Updates Across the Majors!

Read More:

Price & Time: Happy Anniversary GBP/USD

Trade Setups in EUR-crosses and Expectations for ECB Meeting

USDOLLAR(Ticker: USDollar):

Retail Crowd Remains Net-Long EUR/USD- 1.0970 in Focus Ahead of NFPUSDOLLAR Daily Chart

Chart – Created Using FXCM Marketscope 2.0

  • Dow Jones-FXCM U.S. Dollar topside targets remain in focus ahead of U.S. Non-Farm Payrolls (NFP) as it breaks to a fresh monthly highs.
  • Despite expectations for another 235K rise in NFP, will keep a close eye on the wage growth figures as Average Hourly Earnings are projected to slow to an annualized 2.1% from 2.2% the month prior.
  • Will continue to look for opportunities to buy the USDOLLAR, with the next topside region of interest coming in around 11,970 (161.8% expansion)

Join DailyFX on Demand for Real-Time SSI Updates!

Click Here for the DailyFX Calendar

— Written by David Song, Currency Analyst

To contact David, e-mail dsong@dailyfx.com. Follow me on Twitter at @DavidJSong.

To be added to David’s e-mail distribution list, please follow this link.

Trade Alongsidethe DailyFX Team on DailyFX on Demand

Looking to use the DailyFX Trade Signals LIVE? Check out Mirror Trader.

New to FX? Watch this Video

Join us to discuss the outlook for the major currencies on the DailyFXForums