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Pre-NFP position squaring
After a week of pushing the dollar higher one can’t help but note how the markets have seen the greenback on the defensive from the start of the European session. Despite a retreat in the expectations against previous numbers with consensus at 240K from the prior 321K a prudent course of action would still be for dollar bulls to put money in the bank. We actually face the risk of falling short from consensus though unless we are talking below 200K we will not be looking for any extreme dollar dumping. Note that the 321K from the previous months has been mostly attributed to one of hiring in preparation for the holidays. Should we of course get a number well above 240K that will have us an excuse to reinstate dollar longs.
From the charts we are keeping our eyes mostly on two pairs, AUDUSD with a daily double bottom and Cable that has flirted and is now bouncing off its psychological 1.5000.
Source: http://www.fxinstructor.com/blog/pre-nfp-position-squaring
