FXstreet.com (Barcelona) – Dollar recovery from 80.90 lows in Dec 31 and Jan 1 has resumed in Asia, and the pair advanced to 1a fresh 2-week high at 83.60, with market sentiment favouring breach of 84.10/40 area, which according to V. Bednarik, technical analyst at FXstreet.com, could be triggered by better than expected NFP.
A better than expected Non-Farm payrolls report could trigger bullish continuation past 84.10/40, targeting 85.00, says Bednarik: “Pair is usually the one reacting straight to this big news. Better than expected reading should trigger a bullish run towards the 84.10/40 area, roof of past weeks range. Break above 84.60, will point for a weekly close above 85.00.”
Weaker than expected employment data, would sett the pair’s focus towards 83.20 and 82.80, says Bednarik: “Worse than expected news on contrary, will send the pair quickly towards the 83.20 area first, and 82.80 later; lose of this last, should signal an approach to 82.00/20 price zone.”