Today’s NFP data release printed -85k – a disappointing figure compared to the wide expectations of a positive (or neutral) one. Although it’s been testing the lower territory during the European trading session, the euro recovered most of yesterday’s losses which were likely influenced by a priced-in positive NFP figure. On a short-term basis, we’re still into the consolidation cycle but a breakout of the range seem favored – so keep the 1.4500 handle in focus next week, as a break above that barrier would confirm euro’s bullish sentiment. A safer bet against the dollar stands valid in AUDUSD and NZDUSD – both pairs confirming the support on the former resistance around .9130, .7280 respectively – formed by the downward trendline coming from November’s (Aussie’s case) and October’s tops (the NZD) – as seen in the charts below. The euro currently trades few points below the 1.4400 handle where it formed a temporary top. We’ll see how things go from now, if EUR will manage to form higher highs against previous daily tops.
- EURUSD 4hrs chart 1-8-2010
- AUDUSD daily chart 1-8-2010
- NZDUSD daily chart 1-8-2010
Have a great weekend!
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