Shares
 
FAQs

Visit our FAQ page to find the answers to the most commonly asked questions, including how to create an account, explaining ETFs, and providing useful links, forms, and tables.

FAQs
Shares

Start investing in Australian shares the smart way. Discover ThinkTrader today.

Open Shares Account
Learn To Trade
 
Indicators & Chart Patterns

Deepen your knowledge of technical analysis indicators and hone your skills as a trader.

Find your detailed guides here
Trading Glossary

From beginners to experts, all traders need to know a wide range of technical terms. Let us be your guide.

Learn more
Knowledge Base

No matter your experience level, download our free trading guides and develop your skills.

Learn more
Learn To Trade

Trade smarter: boost your skills with our training resources.

Create a live account
Market Analysis
 
Market News

All the latest market news, with regular insights and analysis from our in-house experts

Learn more
Economic Calendar

Make sure you are ahead of every market move with our constantly updated economic calendar.

Learn more
Technical Analysis

Harness past market data to forecast price direction and anticipate market moves.

Learn more
Live Webinars

Boost your investing knowledge with our live, interactive webinars delivered by industry experts.

Register now
Special Reports

Engaging, in-depth macroeconomic analysis and expert educational content from our in-house analysts

Learn more
Market Analysis

Harness the market intelligence you need to build your trading strategies.

Create a live account
Partnership
 
Money Manager

Increase your income and get compensated for your trading knowledge with ThinkInvest, putting you in control.

Learn more
Introducing Broker

ThinkMarkets ensures high levels of client satisfaction with high client retention and conversion rates.

Learn more
White Label

We supply everything you need to create your own brand in the Forex industry.

Learn more
Regional Representatives

Partner with ThinkMarkets today to access full consulting services, promotional materials and your own budgets.

Learn more
Partnership

Plug into the next-gen platforms and the trades your clients want.

 
About ThinkMarkets
 
Sponsorships

Check out our sponsorships with global institutions and athletes, built on shared values of excellence.

Learn more
About Us

Find out more about ThinkMarkets, an established, multi-award winning global broker you can trust.

Learn more
Negative Balance Protection

Trade with peace of mind. Never lose more than what you deposited, no matter what the market conditions.

Learn more
Careers

Discover a range of rewarding career possibilities across the globe

Apply now
ThinkMarkets News

Keep up to date with our latest company news and announcements

Learn more
Trading Infrastructure

When it comes to the speed we execute your trades, no expense is spared. Find out more.

Learn more
Contact Us

Our multilingual support team is here for you 24/7.

Learn more
About ThinkMarkets

Global presence, local expertise - find out what sets us apart.

Create a live account
Log in Create account

How to navigate Friday's NFP: special FX and Crypto focus

Alejandro Zambrano Alejandro Zambrano 03/04/2024
How to navigate Friday's NFP: special FX and Crypto focus How to navigate Friday's NFP: special FX and Crypto focus
How to navigate Friday's NFP: special FX and Crypto focus Alejandro Zambrano

The NFPs are approaching fast. According to economists, on Friday, April 5, at 13:30 BST, the US economy is anticipated to have added 212K new jobs.

 

The 212K forecast is similar to last month's 198K forecast. In fact, since November 2022, the forecasted outcome has been around or below 200K. However, we had extreme outcomes, like the 336K in October 2023 and 356K in January.

 

Many of these readings have later been revised lower. Yet, at the time, it undoubtedly lowered the probability of Fed rate cuts and, most recently, boosted the dollar.

 

The market expected about six rate cuts at the start of the year and is now happy if the Fed cuts rates three times. However, even three rate cuts are no longer certain, as most US data has been beating expectations lately. This past Monday, the ISM manufacturing index turned positive for the first time since October 2022. So, given that economists keep misjudging the US economy's strength, what could happen if NFP beats expectations again?

 

If the NFPs are better than expected, I would focus on GBP/USD. In the case of a soft NFP reading, I would set my attention on ETHUSD

 

GBP/USD has been stuck in a rectangular pattern for 127 days at the time of writing, and the difference between the pattern low and high is almost 300 pips. With this said a break to the lower limit at 1.2519 might send the price to 1.2228. Failure to breach the lower end of the range will result in more sideways trading.


GBP/USD daily chart


 

If the NFPs are slightly weaker than expected or in line with expectations, Ethereum could be a big winner, except in cases where NFPs are near 50K and hinting at a recession.

 

ETHUSD is in a bull trend, and we are heading toward the Bitcoin Halving on April 19, an event expected to boost prices. The price is trapped in a triangle pattern, and support was found near the March low of $3052. If the price could turn higher just above this level and then break the downward trendline shown in the chart below, ETH could reach a fresh 2024 high of $4252. However, if the NFPs are too strong and the likelihood of Fed rate cuts is further lowered, we could see lower ETH prices on a breach of the March low.

 

ETH/USD daily chart


 

How will you trade the NFPs this Friday? Log in to ThinkPortal to prepare your trades.

Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.

Related articles:

US CPI Watch: What markets stand to lose and ...

By ThinkMarkets

13/05/2024

BoE rate meeting: will it be enough to wake ...

By Alejandro Zambrano

08/05/2024

Top AI stocks to watch out for in Q3 2024

By ThinkMarkets

02/05/2024

NFP preview amid a sharp drop in the PMI empl...

By Alejandro Zambrano

30/04/2024

Behind the USD/JPY rollercoaster: analysing c...

By Alejandro Zambrano

29/04/2024

Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
Back to top