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NFP Triggers US Dollar Strength and Bullish Rally

August 07, 2017 03:30

EUR/USD

4 hour

The Non Farm Payroll (NFP) and unemployment rate in the US were released last week Friday. The news and data cause US Dollar strength which has sent the EUR/USD downwards. The bearish reaction could indicate the end of wave 3 (green) and start of wave 4 (green).

1 hour

The EUR/USD could be building an ABC (purple) correction within wave 4 (green). The bearish breakout below support (dotted green) seems to be a wave 3 (brown) which means that the current bullish price action could be a wave 4 (brown) retracement. The wave 4 is invalidated if price breaks above the 61.8% Fib.

USD/JPY

4 hour

The USD/JPY indeed completed a wave B (orange) as expected in Friday's analysis. Price is now above the resistance trend line (dotted orange) and falling wedge pattern, which could indicate a continuation within wave C (orange).

1 hour

The USD/JPY is probably in a wave 4 (purple) as long as price stays above support (blue lines).

GBP/USD

4 hour

The GBP/USD broke below the support trend line (dotted blue) which could indicate a bearish breakout via a wave 1-2 (red).

1 hour

The GBP/USD seems to have completed 5 waves (purple) within wave 1 (red) and is now building a potential ABC (purple) within 2 (red).

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