USDOLLAR - Popping On Better Than Expected NFP Data
- U.S. NFP Payrolls came in at 257K versus the estimate of 230K, prior revised up to 329K
- The USDOLLAR Index pops off key rising trend-line support
- The trend is up, but for how much longer will it last?
The U.S. NFP number came in better than expected, giving the buck a boost. During the European session, the USDOLLAR Index tested the multi-month trend-line in place since October. In recent months it has paid for traders to respect this trend support in favor of higher prices. However, with several recent rejections around the 2009 high of 11854, the importance of maintaining this trend support increases.
USDOLLAR 4-hr:Oct '14 - Present
Written by Paul Robinson, DailyFX Research
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.