AUD USD Drops on Weak U.S. Jobs Data

Higher yielding assets like the AUD USD and NZD USD are under pressurethis morning following a disappointing U.S. jobs report.

Higher yielding assets like the AUD USD and NZD USD are under pressure this morning following a disappointing U.S. jobs report. With these two markets still near their highs for the year, traders believe that its time to book some of the lofty profits that have occurred during the recent six month run-up.

Technically, the AUD USD main trend turns down on the daily chart on a trade through .8586. The weekly chart is in a position to post a reversal top.  Based on the .8156 to .8859 trading range, the first downside target is .8507 to .8424.

The NZD USD main trend turned down on the daily chart on the trade through .7105.  A new secondary lower top was formed at .7252.  The developing lower top, lower bottom formation indicates the strong possibility of a break down to .6994 to .6921.

James A. Hyerczyk has been actively involved in the futures markets since 1982. He has worked in various capacities within the futures industry from technical analyst to commodity trading advisor. Using W. D. Gann Theory as his core methodology, Mr. Hyerczyk incorporates combinations of pattern, price and time to develop his daily, weekly and monthly analysis. His firm, J.A.H. Research and Trading publishes The Forex Pattern Price Time Report... More

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