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Morning Edge T Chart Friday 02062010

February 5th, 2010 Introspex

USD NEWS-08:30 US Non-Farm Payrolls, Annual Unemployment Rate, Average Hourly Earnings.

 

Keep in mind that a worse than expected number for Non-Farm will have an initial impact of USD weakness, but it will also weaken the equity markets, which could cause the USD to whip back the other direction.  Additionally, a better than expected report would initially strengthen the USD, but then the buying pressure in the futures ahead of the open bell would push the USD back down.

 

The tendency with Non-Farm has been that we will see strong initial moves in the first 5 minutes with a retrace in the 10 to 15 minutes after the report is released, and then a follow through that will trend based on Index Futures and Equity markets into the afternoon.

 

STRONG

 

Short                            EUR/USD                    1.3650*

Short                            GBP/USD                    1.5650

Long                            USD/JPY                     .8980**

Long                            USD/CAD                   1.0780

WEAK

 

Long*                          EUR/USD                    1.3850

Long                            GBP/USD                    1.5850

Short                            USD/JPY                     .8930

Short                            USD/CAD                   1.0700

 

 

The values in the T-chart data represent the next levels of significant support or resistance with trade opportunities to these levels, or breakouts beyond these levels. The use of Astrid denotes key sustained support or resistance levels, or counter trend opportunities in the market.

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