Brad Alexander
FX Large Limited
Last week’s Non-Farm Payrolls and Unemployment Rate were much better than expected sending the USD stronger.
Pay attention that price action stopped at key levels and we will look at these tomorrow.
We spotted a Falling Wedge on USDJPY last week and the Non-Farm Payrolls broke this and price action went in the bullish direction as predicted.
Gold fell sharply on the same news but note that the lows were at the same level of support from the Double Bottom from March and the current price is at the Neckline of that same Double Bottom.
GBP is stronger from last week, except against the USD of course, with optimism over the economy returning to normal and some relief over the “Pingdemic” which was impeding many employees from returning to their jobs.
But watch out for Economic Events from London which should drive price action like Thursday’s Manufacturing Production numbers and Gross Domestic Product data.
Also, keep an eye on the Crude Oil Inventories as we see the price of WTI retreating back to this level of support at $66.
While we may offer market commentary based on fundamental or technical analysis, we do not offer trading advice and cannot be held liable for any decisions taken by viewers and readers of our material.
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