Do you get the feeling that we are in for some treading water for the rest of the day/week after the weak employment report slowed the dollars rise? I do.
Keep the arms and legs kicking at a relaxed pace. Don’t panic. Nice and easy now.
Let’s see…The EURUSD has stayed below the 50% resistance level (see https://www.forexlive.com/blog/2014/09/05/technical-analysis-weak-job-report-sends-the-dollar-lower-eurusd-moves-to-first-target-and-holds/) and above the 200 and 100 bar MA on the 5 minute chart (see green and blue lines in the chart below). The sellers overall, remain in control, but there is time for some consolidation too. Remember we did hit a trend line support line on the weekly chart (revisit that chart by CLICKING HERE)
Technical Analysis: EURUSD below the 50%, above the 200 and 100 bar MA (green and blue lines).
The USDJPY has moved below the 1,2,3 levels outlined in the post before the NFP report and is testing the 100 hour MA level now (see: https://www.forexlive.com/blog/2014/09/05/technical-analysis-us-employment-report-preview-september-2014/). Stay below the 100 hour MA (blue line in the chart below) at 104.93, and the bears remain in control. Move above and the waters can get more muddy from a technical perspective
USDJPY tests the 100 hour MA (blue line) . Stay below to keep the sellers in control for today.
The GBPUSD has some bullish things happening (held 38.2% of move up from 2013 low to 2014 high – see https://www.forexlive.com/blog/2014/09/05/technical-analysis-september-5th-gbpusd-tests-retracement-target-and-holds-is-it-time-for-a-bounce/ ) , but the break above trend line resistance on the hourly chart ran out of steam before getting to the next target at 1.63496 and certainly is still way short of the 1.63715 resistance. As the weekend approaches with weekend press and worries about the Scotland referendum, that window may be shutting for a pre-weekend correction move higher. Weekend risk is something I don’t fancy in the GBP complex to be honest with you…
Technical Analysis: Not keen on weekend risk in the GBPUSD and price failed on the move above trend line.
USDCAD….well it is holding the support at the 1.0875 level but is still wedged between the rock and the hard place….https://www.forexlive.com/blog/2014/09/05/usdcad-technical-analysis-september-5th-2014-canada-ivey-pmi-cant-get-the-usdcad-above-200-day-ma/
Remember… The Scotland referendum and weekend press increases risk in the UK.
Technical Analysis: USDCAD stuck in a smaller box now. Waiting for the break and momentum to hold the break.
