Major stock indices closed sharply higher following an upbeat February jobs report, on friday. Official data showed that the US economy added 313,000 non-farm payrolls in February, higher than +205,000 jobs forecast by economists and marking the strongest monthly gain since July, 2016.
US dollar softened after the February jobs report, which showed slower than expected wage growth.
EUR/USD marked a day low of 1.2271 by managed to climb back to close at 1.2305. The pair has failed to post a sustainable rebound and is now back to levels below the 20-period moving average.
As long as the key resistance 1.2330 is not surpassed, intraday bearishness persists, and the pair is expected to return to 1.2250. Alternatively, above 1.2330, look for a bullish reversal toward 1.2365 on the upside.
On the data slate there’s US 3- and 6-Month Bill Auctions; US 3-Year Note Auction and US Monthly Budget Statement.
SELL EUR/USD @ 1.2325 OR BETTER – STOP @ 1.2380 – TARGET @ 1.2250
SELL GBP/USD @ 1.3860 OR BETTER – STOP @ 1.3910 – TARGET @ 1.3730
BUY USD/JPY @ 106.40 OR BETTER – STOP @ 106.00 – TARGET @ 107.20
SELL CL0418 @ 62.45 OR BETTER – STOP @ 63.00 – TARGET @ 61.30
SELL AUD/USD @ 0.7870 OR BETTER – STOP @ 0.7900 – TARGET @ 0.7730
SELL XAU @ 1320 OR BETTER – STOP @ 1328 – TARGET @ 1302
SELL XAG @ 16.50 OR BETTER – STOP @ 17.00 – TARGET @ 16.00
