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USD's Complete Reversal Post-NFP

USD's Complete Reversal Post-NFP

James Stanley, Senior Strategist

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- In this webinar, we used price action to analyze technical setups across the FX market space, with a specific focus on the US Dollar after chaotic post-NFP volatility from last Friday.

- After an initial burst of weakness as NFP results were communicated across markets, the US Dollar staged an aggressive turn-around with two hours of aggressive buying. But after running into resistance and ranging into the close, the Greenback reversed in the early portion of this week’s trade and can’t seem to catch a bid as the Dollar continues to fall to deeper levels of support. This appears to be a redux of similar such scenarios on June 3rd and July 29th in which strong US rate expectations were met with selling in the Greenback as markets built-in the further expectation that the Fed will not be hiking rates in the face of slowing data.

- September 20-21 is lining up to be very big for global markets, with the Bank of Japan and the Federal Reserve both reporting their recent rate decisions. We took a look at USD/JPY and how traders may be able to use this recent bout of USD-weakness to plot a longer-term position-based entry into USD/JPY.

- We also looked at GBP/USD and Gold as USD-weakness candidates, similarly to what we discussed in our webinar last Thursday, with the same logic as applicable.

- One Central Bank that we will hear from this week is the ECB. And while there is little expectation for anything new from the ECB, many are expecting an extension to the bank’s €80 billion/month bond buying program which is currently set to expire in March of 2017. We discussed this in the weekly forecast on the Euro, and in the webinar, we pointed out the longer-term range showing in the pair that traders may be able to integrate for ECB should price action response offer a longer-term resistance inflection.

--- Written by James Stanley, Analyst for DailyFX.com

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Contact and follow James on Twitter: @JStanleyFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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