US Nonfarm Employment Change comes this Friday at 12:30 GMT.

If actual data comes inline with market forecast:

Expectations for this month reveal that the Non-Farm Employment Change figures will drop by 73K from July. Such a result, should it take place, will be the biggest drop in employment numbers that the U.S economy has experienced since April of this year. Previous surveys have shown that publications that reflect a significant contraction in the job sector had a radical impact on the USD, and concluded in a sudden downtrend. Considering that the survey has delivered negative figures for several consecutive months now, another sharp drop could signal a temporary halt in the Dollar’s bullishness, and the USD could be facing an unfortunate weekend, causing the EUR/USD pair to rise back toward levels around 1.4700

If actual data surprise with bullishness

If the actual figure is higher than forecasted, traders are likely to see the USD appreciate against other majors. Currently, investors are setting their positions on the USD based on the assumption that by the end of the week, the USD should face a sharp bearish movement. However, in case that the survey will deliver better figures than expected, such as 40K drop instead of the forecasted 73K drop, investors will be compelled to reevaluate their strategies, and go long on the USD. In this turn of events, the Dollar might receive an extra boost that will broaden its bullish voyage, and the EUR/USD could drop toward levels of 1.4350, breaking what would be a 9 month record.

Make sure you are prepared for Friday, otherwise do not trade, wait for the “craziness” to die out.

Truly yours,
Practical Trader

EUR-USD

This week hourly charts suggest an attempt of testing upper channel resistance around 1.4725-1.4740. Resistance at that level should push price lower to 1.4620 or 1.4570. Breaking below those levels would inspire new lows, however, if it holds, we should see a corrective upward recovery to 23.6 Fibonacci level (1.4913).

Trading signals:
Buy around 1.4625,
Take profit at 1.4890,
Place stop below 1.4460.

GBP-USD

The pair is extremely oversold. This week expecting minor correction to 1.8315-25; where 23.6 Fibonacci retracement level meets the most recent upswing. If breached, price may travel to 1.8350-60. Later new lows are expected.

Trading signals:
Preferred position – staying out.
Otherwise, Sell around 1.8340-60,
Let it run.
Place stop above 1.8360.

Truly yours,
Practical Trader

This section is currently closed due to changing the concept of delivering daily news.

Now daily market comments can be found at http://forex-trading-signals.net/ 

On my website, I’ll continue analysing the market, but I’ll do it on a weekly basis.

Also collection of resources “Forex Education Video” will be running as well.

Truly yours,

Practical Trader

Long vacation is over - time to get back to work.
As many of our regular visitors have noticed, I’ve switched from daily signals updates to weekly commentary. Why?
First of all, because weekly forecasts due to their nature of seeing bigger picture of the market are more accurate.
Secondly, I no longer need to wake up early every morning to analyse charts and prepare a good review, which is time demanding.

Two most watched pairs - EUR/USD and GBP/USD - will remain in weekly forecasts.
Additionally, I may comment on USD/JPY, USD/CHF, EUR/JPY, EUR/GBP, AUD/USD, USD/CAD and GBP/JPY.
For those pairs I would need to see your request in comments to my posts. Otherwise, why spend time, if no one will use the information afterward.

So, starting next Monday. Waiting for your comments and questions.
truly yours,
Practical Trader