ISOFT FOREX Trading

At this stage of today’s session I will
be awaiting news flow to provide
opportunities to get into the market.
Fundamentals:
Price action overnight was largely
dictated by the Dollar index amid a
lack of risk appetite ahead of this
week’s key risk events. The USD fell
off its highs overnight as participants
await today’s US ADP a prelude to
Fridays all important NFP report,
Australian building permits along with
Chinese manufacturing data came out
relatively as expected which
supported the AUD, but was unable to
hold on to its gains.
On today’s calendar we have US ADP
at 1:15pm London time we will be
looking for a positive figure here to
get the markets speculating about
Fridays NFP.
Technicals:
Given the lack of immediate set ups
available at this stage of the session
the pairs and levels I will be looking
out for that are in line with the
fundamentals are;
Short – AUD/USD 0.7700
Short – EUR/USD 1.0850
As always keep an eye on intraday
news that may affect the outlook on
these positions.
Other Market Moving News:
Overnight the JPY rallied against most
of its peers due to safe haven flows
caused by a sharp sell off in both
Asian and US stocks.
Fed's George also said overnight that
it's time for the Fed to discuss a rate
hike, adding that policy action taken
today will take time to be felt.