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Could Today’s NFP Confirm the USD Breakout?

Published: 02.09.2022
by Joseph Jeffriess

Hello all, welcome to our latest update. Today’s video focuses on the USD index after buyers made another strong move in yesterday’s NY session.

In today’s video, we run over the price current price action and trend structure after buyers made a breakout yesterday, clearing 109 resistance that held buyers back during this week.

The USD continues its fantastic run in 2022 as Fed policy maintains buyer demand. Price jumped to new 2022 highs yesterday and continues to track nicely on its current fast trend.

Attention moves to today’s US employment data, as this could maintain the run or lead to a pullback as traders will be waiting to see if we see another hot payroll figure. The last several releases have beaten expectations and come in hotter, so if we do see this pattern continue, will this be the confirmation for yesterday’s resistance break? We think a lower figure will most likely have a negative effect on the USD index and could cause a failed break.

Attention could also be on major risk currencies like the EUR, AUD and GBP as they sold off yesterday, and if we see another push higher on the USD today, this could continue their pain.

Tonight’s US employment data will be released at 10:30 pm AEST /  8:30 am ET.

Thanks for stopping by to check out our latest analysis. Enjoy the rest of your day and your weekend.

USD Analysis Video

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