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NFP trade ideas

A huge move yesterday on gold saw us stopped out of our initial position and bringing question to the bias. With that being said there is a lot of room for retracement on all USD crosses as long as the DXY can hold 104.00.

DXY (104.48)

XAUUSD (1799.22)

GBPUSD (1.2278)

An interesting level on the GBP after a huge rally. If the USD holds 104.00 and gains some strength this could give some way for GBPUSD to make a larger correction before continuing its wider uptrend. Given the strength of yesterday's closure, we suspect any larger retracement may develop into next week and not solely as a result of NFP.

As always, trade safe, if nothing is clear wait until next week - more than likely the picture will be a little clearer after the clear-out from NFP.


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