Daily FX Analysis, Sep 06 – Top Trade Setups In Forex - Market Awaits NFP! 

On Friday, the financial markets are all about trading the U.S. Non-farm payroll. A day before, greenback extended its fall on following disappointing manufacturing data, helping the euro to recover from more than two-year lows. The dollar kept on falling despite stronger private (ADP) labor market reports. Whereas, the British Pound also rallied, recovering some of its losses after the latest parliamentary effort to stop a no-deal Brexit.

Economic Calendar – U.S. Non-farm Payroll on Radar

EUR/USD – Oversold Pair Recovers, What's Next?

The EUR/USD currency pair continued its bullish streak and climbed to 1-week highs during the last hour, although some pips immediately retreated due to upbeat US ISM PMI. 

After a decline during the opening market to the nearness of the key 1.10 psychological mark, the EUR/USD currency pair recovered positive resistance and hit the weeks solid rebound from the twenty-eight-month lows. As well as, the current selling bias in greenback, even after a strong intraday uprising in the US treasury bond yields, was marked as one of the key factors pushing the EUR/USD pair higher.

The greenback buyers are not seemed happy by Thursday's stronger United States ADP report, representing that the private sector unexpectedly increases the employment rate added 195k jobs during August. After this, ISM non-manufacturing PMI released, which jumped to 56.4 during August as somewhat against to 54.0.

However, it should be noted that if the EUR/USD currency pair is capable to continue its increases or able to take some weakness because traders keep their eyes on the official US monthly jobs report which is famously known as NFP which may provide a fresh way.

 EUR/USD - Daily Technical Levels

Support Resistance 

1.0992     1.1058

1.095        1.1081

1.0884      1.1147

Pivot Point 1.1015

EUR/USD – Daily Forecast

The major currency pair EUR/USD has completed bullish retracement until 61.8% Fibonacci level at 1.1060. The pair has closed a reversal pattern with a long wick on the upper side, which is suggesting a bearish bias among traders. The pair may drop until 1.1015 before keeping up with a bullish reversal. 

BTC/USD - Daily Forecast

On Friday, the Bitcoin (BTC) continues to trade sideways within a narrow trading range of 10,650 - 10,350. The pair continues to eye $11,000, with mostly registering minor gains on the day.

Bitcoin (BTC) price hasn't moved much was testing support at $10,500 on Sept. 4 after its latest move upwards began to stabilize. After displaying an extraordinary price movement of violating 9890 on Wednesday, the Bitcoin is holding in a narrow range of 10,750 to 10,350. 

Speaking about the technical side, the BTCUSD is likely to go after 11000 levels, but before this, we may experience a slight bearish retracement in Bitcoin, and that's exactly what BTC is doing right now.

The RSI and Stochastics, both of the leading indicators have come our of the bullish zone; in fact, it's entering the oversold zone now. Investors seem to have done doing profit takings; we may experience a continuation of a bullish trend now.

BTC/USD - Daily Technical Levels

Support Resistance 

10,401.74    10,885.72

10,104.25    11,072.21

9,620.27      11,556.19

Pivot Point 10,588.23

 BTC/USD – Daily Forecast

The BTC/USD violated the resistance level of 10,450, and it was expected to reach below the next target level of 10,850. The target level is already met, and now BTC/USD can experience slight correction until 10,447 and 10,244. While the resistance remains the same around 10,850.

GBP/USD – Standstill at Peak, Retracement Expected

During the U.S. session, the GBP/USD currency pair continued its strong buying tone and the pair s presently trading around 1.2300s placed at 5-week highs.

The GBP/USD currency pair created a solid rebound during this week from the almost 3-year lows and still trading on the recovery track for the 3rd consecutive session on the day between decreasing fears of a no-Brexit deal.

It should be noted, that the United Kingdom parliament announced the law for that reason the United Kingdom Prime Minister Boris Johnson ask the European Union to delay the Brexit deadline for 3-months.

Whereas, the bullish track got another boost when Boris Johnson's brother Jo resigned from the government and gave another shock to Boris Johnson, who has already no many voters and lost 3 important votes during this week in the parliament.

Buyers got some peace near mid-1.2300s and keep their eyes on the US economic docket, featuring the release of ISM non-manufacturing PMI report and ADP report for some short-term trading reasons.

GBP/USD - Daily Technical Levels

Support Resistance 

1.2141    1.2306

1.2036    1.2366

1.1871    1.253

Pivot Point 1.2201

GBP/USD – Daily Forecast

The Cable has surged dramatically amid a weaker dollar to violate the double top resistance area of 1.2304 area. The leading technical indicators such as RSI and Stochastic are stuck in the overbought zone, suggesting bulls may get exhausted soon. Therefore, we may experience selling in the GBP/USD until 1.2260 and 1.2210. Let's keep an eye on 1.2300 to stay bullish above and bearish below this level.