popular Non-Farm Employment Change and other employment figures from the US and Canada made a significant impact on the markets on June 5, 2015. The
figures had positive effect on USD and CAD. Therefore, other USD pairs and
CAD pairs were seriously affected in the near term. The effect on EUR/USD was
negative. The pair was trying to make some bullish attempt last week. There is a
bullish outlook on this market unless the support line at 1.1000 is breached to
the downside. The NFP has given potential buyers an opportunity to enter the
market at better prices, because there could be an upwards bounce. However, a
movement below the aforementioned support line could be a beginning of another bearish rally.
USD/CHF: The NFP
had a positive impact on the USD/CHF, though the major bias remains bearish.
The bearish bias would be in place until USD/CHF goes above the resistance
level at 0.9550. Unless that happens, long trades are not advisable.
GBP/USD: The NFP had a negative effect on this pair driving the price, which is already weak, further south. Bulls tried to push the price upwards last week, but the effect was thwarted by the NFP, resulting in the forfeiture of the bullish gains that were made last week. The price could fall further from here.
USD/JPY: The USD/JPY pair moved sideways last week. It broke upwards significantly later as a result of the US employment report. The upward breakout took place in the context of an uptrend. Thus, further upward movement is possible this week.
EUR/JPY: . The
EUR/JPY cross moved upwards last week. A
weekly movement of 500 pips is something that is significant enough to generate
a Clean Bullish Confirmation Pattern in the market. The outlook is bullish for this week.
The material has been provided by InstaForex Company – www.instaforex.com