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US NFP and near term Highs for the Dollar

Monday, January 12, 2015 0:41
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(Before It's News)

After all the whippy price action following the release of the US Employment Situation report we found ourselves facing a weaker dollar at the close with the daily candles all suggesting that a pull-back if not a turn-around is in the works. What is surprising here is that the US report while not perfect was mostly a plus for the greenback with another 252,000 jobs added against the consensus forecast of merely 241,000 and prior figures, which were already a blowout adjusted even further up to 353,000 from 321,000 originally. This even as the unemployment rate eased unexpectedly to 5.6% from 5.8%. So what can be concluded out of this? Perhaps the dollar has gotten way ahead of itself during the thing trading conditions of the holidays.

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Going over our charts for now we have some good candidates to go look for further dollar weakness with AUDUSD triggering a double bottom following Friday’s close above 0.8157 and USDJPY now forming a second lower top in the weekly charts suggesting the 155.57 trigger for the weekly double top pattern could soon be in-play. For Euro and Cable though things are a bit more murky daily candles in the single currency merely have a piercing pattern while Friday appears to have been the follow though for a hammer in GBPUSD’s case.



Source: http://www.fxinstructor.com/blog/us-nfp-and-near-term-highs-for-the-dollar

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