USD quickly recovers after weaker NFP
Alpari Research & Analysis | Nov 03, 2017 09:58AM ET
Mixed data (lower unemployment rate and the lower NFP) caused a mixed reaction on the market. First we got a depreciation of the USD but after few minutes, the Dollar recovered and now looks firm keeping the previous signals alive.
Dollar index defended the lower line of the wedge and is now attacking its upper line. Breakout here should strengthen the current buy signal, which we received lately after the price broke the neckline of the iH&S formation.
EURUSD is still inside the bearish flag and for the second time defended the neckline with a shooting star candlestick formation. That is very negative and brings us a nice sell signal on this instrument.
NZDSGD is an unusual instrument in our video but we do have a good price action setup here. After a strong drop and a breakout of a long-term support, currently the price is reversing and testing it as a closest resistance. Any bearish price action pattern should be a strong sell signal here.
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