Well that was a tame NFP release. I have no idea of the numbers – and don’t really care! That EURUSD pushed a little higher - that could reach around the 1.1024 area was a definite possibility as I mentioned on Friday in the report. However, GBPUSD still needs to rally so watch for those targets…
We’ve seen USDJPY attempt to push higher – and USDCHF also – but at this stage I’m not really expecting a runaway move but more of a range trading type day today. Once this has been seen we can look for the next directional move.
Another surprise was the gap above 124.09 in EURJPY. I have had to do some ad-hoc analysis here. It seems as if we still need a new high in EURJPY following the pullback from the 124.48 high on today’s open and, like the Europeans, it suggests a swing day with some potential volatile moves.
Finally, the Aussie is steadying itself for losses but – as mentioned above – there is likely to be some swings. At most the downside could reach as low as 0.7240 but anywhere in the range is good…