Yesterday’s non-farm payrolls (NFP) report wasn’t the best ones to day trade, in my view, especially in the case of the EURUSD. Although NFP proved to be much lower than consensus (173K against the expected 220K), the upwards revisions of the last 2 months, a solid wage growth (particular attention was being given to this data) and a lower unemployment rate (5.1%) did not took September off the table. As such, it was harder to have a clear sense on the direction of the USD.
In any case, after an initial shock (with also many stops being hit, probably) the direction appeared to be of a USD valuation, against practically every counterpart. However, if you had the strategy of waiting for a price correction before entering on a trade, even entering on the 38.2% Fibonacci level (1 minute chart) wouldn’t take you very far. I didn’t catch the move, but entering on the 50% level would be much better of course. But again, as the results were kind of mixed, it was harder to be confident on a clearer direction. In the case of the EURUSD the price ended up reversing afterwards.
Here are the charts for EURUSD (data was on at 13h30 GMT+0).
EURUSD, Daily chart
EURUSD, 5 minute chart
EURUSD, 1 minute chart
The case of GBPUSD was easier when it came to follow the price, tough. It reached the 23.6% daily Fibonacci level, after 8 days of consecutive falls.
GBPUSD, Daily chart
GBPUSD, 5 minute chart
GBPUSD, 1 minute chart
Gold was pretty straightforward, too. It continues to slide to what I believe would be the long term direction of the commodity.
Gold, Daily chart
Gold, 1 minute chart