Monday, May 8, 2017

NFP… No Flippin’ Problem…

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…

Have a profitable week
Ian Copsey  

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