Strong NFP did the opposite to usd, instead of usd becoming stronger after NFP, it falls.
This confirm the bearish view.
Using elliott wave, we clearly saw the top on Jan 2017 follow by a leading diagonal fall.
The subsequent move up is viewed as corrective as shown in the chart, it is clear 3 wave up.
What this suggest is the continue fall, just that this one will be the strongest aka wave C or 3.
Fundamental wise, USD has been going up for the last couple of years base on continued optimism and growth, however as the NFP suggest, rates will rise and put a brake on growth.
Market goes ahead of itself and no exception this time, with NFP strong, market expect rate to rise and hence see into it expecting rising rates to have short term negative impact. Late comers however are still chasing for stronger USD believing the game is still going with rates keep rising.
Wave wise, those people believe there is a wave 3 up coming for USD, well, they either get the last ride up or they get burn badly with this fall. Good luck!
This confirm the bearish view.
Using elliott wave, we clearly saw the top on Jan 2017 follow by a leading diagonal fall.
The subsequent move up is viewed as corrective as shown in the chart, it is clear 3 wave up.
What this suggest is the continue fall, just that this one will be the strongest aka wave C or 3.
Fundamental wise, USD has been going up for the last couple of years base on continued optimism and growth, however as the NFP suggest, rates will rise and put a brake on growth.
Market goes ahead of itself and no exception this time, with NFP strong, market expect rate to rise and hence see into it expecting rising rates to have short term negative impact. Late comers however are still chasing for stronger USD believing the game is still going with rates keep rising.
Wave wise, those people believe there is a wave 3 up coming for USD, well, they either get the last ride up or they get burn badly with this fall. Good luck!