The
EUR/USD pair fell during the course of the session on Friday, as the
nonfarm payroll numbers came out much stronger than anticipated. The
1.15 level offered resistance and it now appears that we are going to
test the 1.13 level immediately. If we get below there, we feel the
market will then go down to the 1.10 level given enough time, which
is our longer-term target. Rallies continue to offer selling
opportunities on short-term charts as the US dollars without a doubt
is the favored currency at the moment.
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| EUR/USD Signal |
The AUD/USD sold-off on Friday in response to better-than-expected U.S. labor data. The January U.S. Non-Farm Payrolls report showed the economy added 257,000 new jobs versus estimates of 236,000. Wage growth also posted a solid gain. After this data U.S. interest rates grew higher by the Federal Reserve.
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| AUD/USD Signal |
Higher
Treasury rates made the U.S. Dollar a more attractive investment than
the Australian Dollar. With the U.S. Fed likely to hike rates and
with the Reserve Bank lowering rates earlier in the month, the
interest rate differential favours
the Greenback. Later this week, Aussie traders will focus on Chinese
inflation figures on Tuesday and jobs data on Thursday.
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