ZuluTrade Blog

Major Currency Pairs Intraday Overview

Market View | Friday, March 9, 2018 8:59 AM GMT

Today traders’ primary focus will be US Nonfarm Payrolls (Previous: 200K, Forecast: 200K), US Unemployment Rate (Previous: 4.1%, Forecast: 4.0%) but also UK Industrial Production (Previous: -1.3%, Forecast: 1.5%) and let’s not forget CAN Unemployment Rate (Previous: 5.9%, Forecast: 5.9%). This means that we are anticipating a volatile trading action during all sessions.

Let’s overview the intraday bias of the major pairs and what traders could consider as potential trading opportunities.

EURUSD hourly

The pair is flirting with 200 SMA violation. Below, there is the 61.8% Fibonacci level that may offer a short-term bounce to the upside. However, the trading action is bearish and the intraday bearish setups have better probabilities to be successful.


The cable is following EURUSD’s bearish view. The pair moves below 200 SMA which proves the negative momentum and has already tested the major 61.8% fibo level. As previously, short trade setups have better probabilities as the trend is negative.


On the other hand, USDJPY is having a hot momentum to the upside even though it currently consolidates. It reached 127.2% fibo extension level and it may target to 161.8% fibo level. The 200 SMA is getting flat and any retracement around it could be considered as a potential long trade setup.


Likewise, USDCHF is putting a series of higher highs proving its uptrend bias. The 0.949 level acts as an intraday support. Stochastics is heading to be oversold. Sellers may consider as a short setup if the pair creates a new high while MACD forms a negative divergence.


Aussie is flirting with the breakout of a critical key level. If this is valid, then it will set up the leg to the upside. If Stochastics remains excessively above 80 level, it will indicate a strong bullish momentum.

(EMA = Exponential Moving Average, SMA = Simple Moving Average, 5EMA = Blue, 21EMA = White, 200SMA = Yellow)

Always review your own analysis. If there is a confluence between this and your own strategy, then you may have even better trading setups.

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