Don’t waste your time – keep track of how NFP affects the US dollar!
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The US Dollar Index declined at the end of last week following the announcement of the US Jobs Report, despite the fact that the data were better than expected, except the unemployment rate which ticked higher again. In our previous report, we stressed how it is risky to long USD especially that the technical indicators are heavily overbought on the daily chart, and that a short-term retracement is needed before the upside trend may resumes. In the meantime, the current downside retracement may continue towards 91.15 where we would be interested in issuing new long positions in the short and medium term.
|
S3 |
S2 |
S1 |
Pivot |
R1 |
R2 |
R3 |
|
91.25 |
91.82 |
92.02 |
92.38 |
92.59 |
92.95 |
93.51 |
