Trading Video: EURUSD, GBPUSD and USDJPY Look to Open Next Week with a Bang
• A large NFP payrolls beat Friday leveraged the Dollar sharply higher to fresh five-year highs
• Many of the majors head into next week on the verge of critical breaks on long-term technical patterns
• While the data on tap more volatility-prone, special attention should be paid to the RBNZ and SNB
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The FX market has positioned itself for an exciting open next week. Driven by a better-than-expected NFP payroll report, the Dow Jones FXCM Dollar Index (ticker = USDollar) extended its run to a more than five year high. On market-wide basis, the currency looks unencumbered technically to keep status quo momentum. However, among the crosses, we see a range of important technical levels that could take the wind out of the currency's sails. Some are scalable like GBPUSD and others are critical like EURUSD. Will we be ushered into the next phase of larger currency move or will the year-end seasonal drain throw the breaks on this remarkable financial market performance? We look at the trading landscape for the week ahead in this Trading Video.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.