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The USD is on the move ahead of highly anticipated US NFP report. The expectations are 240k. An outcome around the expectations may not impact the markets much, so the USD should stay strong in general, while a figure around 300K will make the USD much stronger. Any print near 200K will cause a bounce on EURUSD and other correlated pairs.

Update:  Non-Farm Payrolls + 295K – excellent news  – USD higher

Based on technical analysis, we see EURUSD trading within wave five of three, so some support and a new corrective bounce could occur in the session ahead, but only temporary of a temporary fashion. Our bias remains down for a move towards 1.0700/1.0800.

EURUSD 1h

eurusd mar 07 2015 intraday 1 Elliott Wave analysis

GBPUSD is also bearish, but the current break out from a triangle suggests that the downside can be limited as we see price in the fifth wave of an extended wave 3. That said, bounce is expect, but only temporary for a small correction. Keep in mind that the trend for cable is clearly down since last Thursday, so any rallies may not last long.

GBPUSD 1h

gbpusd mar 07 2015 intraday 1 Elliott Wave analysis

Check the video below, from last Thursday, when we highlighted a bearish reversal for cable.

Today, could finally be day for USDJPY which did not move much lately, despite a break higher on the USD index. This pair may move sharply once the NFP figures are out, and based on technical, a break could follow through 120.46 resistance, but the price should then stay above the 119.82 and 119.40 levels. Any break through support will invalidate the count and suggest that wave (e) in a big triangle is still unfolding.   A strong impact on USDJPY will also have the US bond market.

USDJPY 1h

usdjpy mar 07 2015 intraday 1 Elliott Wave analysis

GBPUSD VIDEO:

In the fresh podcast, we  preview the NFP, talk about  false breaks, the Australian and Canadian rate decisions, a potential easing in Japan, the widening gap within oil prices and an update on forex brokers after the SNBomb

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