Fireworks Start Early for the USD – NFP Reactions (7/3)

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NFP Reactions: EUR/USD, GBP/USD, NZD/USD
NFP Reactions: EUR/USD, GBP/USD, NZD/USD

The Non-Farm Payroll was released on Thursday this week, instead of Friday because 7/4 will be a national holiday for the US. NFP data surged in June, surpassing May’s readings, and blasting forecasts. The unemployment rate dropped to 6.1%, down from the 6.3% reading in May. Forecasts did not call for a change.

The USDX is pushed back to a falling trendline and is at the cusp of bullish continuation. The USD/JPY and EUR/USD both broke key trendlines. The GBP/USD is staying resilient. Gold dipped as well, remaining in consolidation mode, but the prevailing uptrend is still intact. The USD is definitely celebrating early. We will need to see if these broken levels will stick next week.

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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.