Traders could look to go long for the Forex majors this week as the Dollar fails to push higher to 93.00. This may be attributed to last week’s bearish Non-Farm Payroll (NFP) release.
Last week’s NFP release had a bearish reaction on the charts as unemployment jumped from 5.6% to 5.9%. Throughout the weekend, the US Dollar Index suffered losses as the price is down 40 points. Further downside should be expected as the price rejected last week’s lower high at 92.400. The next target is 92.00.
Several majors are looking to push higher as a result of the weak Dollar employment report. The first is NZDUSD. This pair was able to find support at 0.69500. Bulls were able to print a hammer off this support last Friday. Traders can expect bulls to make a run at the range high near 0.71000. Pairs of the like of EURUSD and GBPUSD show similar setups.
Today is a bank holiday in the United States and Mondays are typically slower. Traders could expect more favorable price action later during the London session.
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- Read yesterday’s breakdown: USDJPY Swing Longs as Dollar Bulls Surge Price Higher