During the day on Friday, we get the Nonfarm Payroll Numbers coming out of America, so without a doubt that will be the most important thing that goes on during the day for the majority of traders, and the biggest mover of markets in general. Because of this, the market should continue to be fairly stable between now and the beginning of the trading day in New York if history is any indication.
USD/CAD looking for support
The USD/CAD pair seems to be looking for support as we ended up forming a fairly supportive hammer during the day on Thursday. We cannot help but notice this, as it is a classic technical analysis pattern that sometimes suggests that the market may be ready to turn back around. On a break above the top of that candle for the Thursday session, traders might be tempted to start buying calls as it suggests positive momentum.
Natural gas struggles
The Thursday session was an attempt to break out by the natural gas market, but quite frankly the $2 level continued to be massively resistive, and of course we have formed a couple of shooting stars now on the daily chart. With this, a break down below the bottom of the range for the day on Thursday would suggest that bearish pressure is building up, in a market that is most certainly bearish over the longer term as well.
EUR/GBP trying to break out
The Thursday session was kind to the Euro in this particular pair, but we did pullback a little bit. However, if we break above the top of the range for the Thursday session it looks as if bullish momentum is building up to the upside.
