Morning Insights 7th February

Simon Alagbe


Instrument: EURUSD

Intraday: Bearish

Technical Analysis

Preference: Sell position is envisaged if price trades below 1.09673 with take profit at 1.09471

Alternative scenario: Buy position is envisaged if price trades above 1.09779 with take profit at 1.10005


Average Hourly Earnings m/m (USD) 2:30 PM

Non-Farm Employment Change (USD) 2:30 PM

Unemployment Rate (USD) 2:30 PM

Comment: The common currency has been pressured by the release of less than impressive Industrial production data from Germany and France in the early hours of today confirming the slow down in the manufacturing sector of 2 of the major economies within the bloc. The Greenback is expected to remain robust ahead of the Non-Farm Payrolls data due to be released later today.

Instrument: NZDUSD

Intraday: Bearish

Technical Analysis

Preference:  Sell position is envisaged if price trades below 0.64312 with take profit at 0.64057.

Alternative scenario:  Buy position is envisaged if price trades above 0.64552 with take profit at 0.64774.


Non-farm payroll (USD) 2:30 pm

Unemployment rate (USD) 2:30 pm

Average hourly earnings m/m (USD) 2:30 pm

Comment: The buck has been strong as data of the ADP non -farm payroll and Non-manufacturing PMI came out extremely positive, this has boosted the buck against major currency pairs, for today we expect the fundamentals to make a huge impact on the direction of the currency today. Investors would look to the average hourly earnings to see if wage rates would improve as the US economy is firing on all cylinders.

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