The major event of the month was due this past week, where the unemployment rate and the NFP numbers of the United States economy were released. The outcome was so not up to the mark, where the NFP numbers came out to be way worse than expected. The U.S. economy managed to add just around 74000 jobs last month against the expected figure of 196000. However, the unemployment rate dropped somehow to 6.7%.
Since the focus is always on the NFP data as to how many jobs were added, hence the USD lost against the major pairs and commodities, where the euro managed to gain nearly 80 points immediately after the release of the data. However, it is still in the bearish zone as long as it does not move above and sustain above 1.3700.
On the other hand, the British pound averaged out its bearish move that it made in the European session on Friday; hence closing at the resistance area of 1.6486, which means it is still not good for trading. Traders are suggested to go long if it moves above 1.6502 or short the pair if it moves below the 1.6450 support level.
The Australian dollar was the one currency that was waiting for such a kickback, as it gained more than 100 points on Friday against the greenback, which allowed the pair to breach the resistance levels of 0.8918 and 0.8941 and enter the bullish channel. It gave a closing at 0.8998 where its other resistance is there, however, after a small bearish correction, it is expected that the bulls would take the pair further up.
To contact the reporter of this story: Jonathan Millet at firstname.lastname@example.org