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Tight Range Ahead of NFP; Commodity pairs looking set to be winners
Currency Markets are seeing the usual tight range ahead of a US jobs report with practically all the dollar pairs showing just half the average daily range though things are even tighter in the case of Yen and Loonie. Charts however are more interesting for Aussy and Kiwi with the hammer in yesterdays daily Aussy chart opening the potential for a pullback play from new lows while Kiwi is looking for a confirming follow through much as the greenbacks neighbor up the border. What should be interesting here is the potential for a win-win play among the commodity currencies with a strong read in US jobs suggesting a bounce for commodity demand and consequently their currencies while a weak read would have us argue a follow through to the technical setup and broadbased dollar dumping.
Source: http://www.fxinstructor.com/blog/tight-range-ahead-of-nfp-commodity-pairs-looking-set-to-be-winners
It is really wise to keep trades close or better to not even trade when there is major news is releasing and especially If it’s NFP, I hardly have trades on and even if I have, it’s just with low capital or stop loss. I have been trading with OctaFX broker and they allow me full permission to use any trading technique whether it’s hedging, scalping, news trading or even EA, so that makes me feel relax while trading in any style!