Before today’s release of data on employment in the US, the markets have come into some balance. The dollar index stopped strengthening, stock indices grew slightly, along with them the yield on government bonds. The forecast for Non-Farm Employment Change is good – 260-270,000.
The price is consolidating at 1.0170 on the daily chart. The release of data close to the forecast will allow the price to overcome this support and continue advancing to 1.0020, and then to 0.9950. The Marlin Oscillator is turning up, which indicates a moderate downside potential. As a result, a correction of the order of two figures is likely from one of the target levels.
On the four-hour chart, the Marlin Oscillator is approaching the border with the growth territory. The oscillator has already discharged and may turn down from the current levels. Of course, Marlin has a range of free movement, so the optimal strategy would be to make trading decisions directly with the release of news data.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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