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Forex Strategy of the Day for April 7
By Todd Gordon | Published  04/7/2006 | Currency | Unrated
Forex Strategy of the Day for April 7
  • EUR/USD Risk Is Lower
  • Support and Resistance Levels for Three Dollar Pairs in Play
  • AUD/JPY Setting Up Nicely for a Slide on the Daily

With the Non-Farm Payrolls scheduled for release this morning and with the recent developments from the ECB, EUR/USD long positions just recently established between 1.2100 and 1.2200 could have their finger on the eject button with a strong jobs reading from the US.

I have outlined support and resistance for the three majors to base your trading decisions. Support should be thought of support until other wise broken, and the same goes for resistance. The concept here is what was support becomes resistance and vice versa. So if the market gaps down through the first EUR/USD support level in the initial burst of price action, but then rallies back to test that former support but now serving as resistance, that could be used as a trade trigger to go short looking for continuation lower.

For those looking to carry a strongly setup cross pair into the release, AUD/JPY has set up quite well on the daily and is facing 86.00-40 resistance against the .786 retracement, the 200-day SMA, and downtrend resistance. Look to be short anywhere above 86.00 with stops above 86.65. This could setup as a nice intermediate time frame swing trade so position size accordingly to allow for a larger stop.

Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.

Disclaimer
The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.