Nonfarm Payroll Friday

Today is the Nonfarm Payroll announcement, and as a result you can expect a lot of noise in the marketplace. With that being the case, all trading opportunities will more than likely be of the shorter-term variety, as the market will be very volatile. Ultimately though, we believe that most of the time these markets return to normalcy after bouncing around quite a bit, offering plenty of trading opportunities for the nimble trader.

Gold finding support

Gold found support near the $1110 level, so having said that we bounced enough to form a little bit of a stubby hammer. With this, it’s very likely that pullbacks will continue to find call buyers, so we are hoping for a little bit of a pullback to offer value in this market that we can take advantage of. We believe support runs all the way down to the $1100 level.

DAX looking for support at €9400

Stepping away from the turbulence in the United States, it is possible that the DAX will be a bit of a safe haven during all of the volatility. The €9400 level looks very supportive, so on signs of a bounce in that area, we are willing to buy short-term calls.

GBP/USD bounces

The GBP/USD pair bounced during the session on Thursday, as the 1.51 level offered a little bit of support. Truthfully though, this is a market that is very much in a downtrend, and we look at any bounce from here as offering a put buying opportunity in what is obviously a very soft currency pair.