Technical Analysis

Dollar moves lower. How did the technicals help the price action post the NFP report?

Before the US jobs report, Greg Michalowski of Forexlive outlined the key levels in play. If you did not see that video, you can find it here.

So how did the technical levels play out?

Pretty well.

What was surprising was the price action. If someone told me the data ahead, I would have the dollar moving higher, the stocks moving lower and yields move higher. That was the initial reaction, but technical levels to the USD upside held, the price action reversed, broke through key technical levels (as outlined in the pre-market report) and the “fast-break the other way” (i.e., dollar lower) was on and key targets the other way are being eyed.

In this video, I ask “what next for the EURUSD , USDJPY , and GBPUSD”. Once again, the technicals will tell the story.

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