The US Change in Non-Farm Payrolls data that was released today turned out to be much worse than expected and despite that, apart from causing major volatility, the USD did not weaken at all, on the contrary – right now it is rising.
As far as GBP/USD is concerned my expectation came true completely – the GBP fell with 65 pips, I suppose that after a correction the drop will continue.
EUR/USD fell with 60 pips.
USD/JPY is an interesting case – the pair is moving within a downward channel, but it hasn’t reached the trend lines for a fourth time.
Despite that the pair has been range-bound for four days now and for now that just confirms the double bottom. It would be good to watch how today’s daily bar will close – in case it forms another clear pin bar, we could logically assume that the pair will rise toward 111.00 or higher.
To the downside the target should be at the support red trend line of the channel.
Great analysis!
ReplyDeleteGood insight.
ReplyDeleteVery helpful analysis.
ReplyDeleteThank you for the insightful article.
ReplyDeleteInformative review on current market conditions.
ReplyDeleteThe recent geopolitical shocks are strengthening the dollar!
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ReplyDeleteGood analysis.
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