Forex Technical Analysis
The bearish atmosphere took over Wall Street last week on the background of disappointing Non-farm payroll change.
EUR/USD had a rough end of the week on Friday. The US Non-Farm Payroll report came out at positive 115,000 jobs added in April and this pair originally rose as a result. After all, currencies are measures in a relative sense, and if the US is struggling then the market thought that the Europeans would be “not as bad”.
AUD/USD has been falling for some time now, and the pair had a particularly negative session on Friday. The pair looks as if the momentum is accelerating to the downside, and the 1.02 level giving way has certainly caught my attention.
GBP/USD fell on Friday as the Non-Farm Payroll numbers for the month of April out of the United States disappointed. The markets were expecting as much as 165,000 jobs added, but only got an addition of 115,000.
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EUR/USD had another back and forth session on Thursday in order to finish the day relatively unchanged. There was an attempt to push the pair lower, but the end of the day saw many of the sellers covering, more than likely to get out of the market before the Non-Farm Payroll report that is coming out later today.
USD/JPY has been the one pair I have paid the most attention to over the last several weeks. The pair is simply at a crossroads, and I believe that this pair is about to make a serious decision on the future direction it takes.
The USD/CAD pair had a rough session on Thursday as the market first fell, and then popped at the end of the day. The pair is one of the most volatile ones when it comes to Non-Farm Payroll Fridays, and as a result it can be one of the high flyers for the day.
The EUR/USD has been trading in an increasingly tighter range since January of this year, and as a result will soon reach a point where it will simply have to break one way or the other...my money is on higher.
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