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US NFP and near term Highs for the Dollar
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.
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
