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The U.S. markets have sold the initial Non-farm Payroll rally and are now looking to move into the afternoon session at the lows of the day. The initial spike higher in S&P Futures trade as the 08:30 EDT employment numbers were issued allowed the dollar index to drop lower, and sent the major pairs on a move up.
That however was quickly negated as stocks could not hold the opening rally, and fair value looked to be found at the day's flat line. That all changed in the run into the Nymex close as stocks collapsed to the low of the day, gold made another drive lower to test $950 support, European and Asian equity futures found sellers, and oil dropped to $68 support.
All of this has allowed the Usd to find buyers, and allowed the market to push the dollar index back through 80.00. The major pairs will now absorb fair value against the dollar, and will be looking on Sunday/Monday to test the resolve of those that just sold into the reversal of the last week's move.
That leaves most pairs at major swing points, and more importantly leaves the S&P at a major support area that if fails to hold could very well initiate the next round of dollar buying. It all comes down to equity direction at the close; Short Equity Trade = Long Usd Moves, and vice versa.