Following NFP I've been viewing something very closely. Taking into account the millions of times I've traded a setup like this going short and lost, it is to my understanding that this is an impulsive move, meaning retracements are rare but the moves are big and the trends are very long. There has been no real retracements recorded as of January 8. We might get one now. The thing to note is that price is just below a major resistance point that's been touched on six times already.
For the past few times we can clearly see price struggling as it makes it's way to the line and back down again. Not this time. Price has reached this level again with little to no resistance. NFP may have just been the catalyst needed to produce the retracement but nothing screams a sell-off here. I'm pretty sure USD sellers are gonna be in for a rude awakening this coming week.
For the past few times we can clearly see price struggling as it makes it's way to the line and back down again. Not this time. Price has reached this level again with little to no resistance. NFP may have just been the catalyst needed to produce the retracement but nothing screams a sell-off here. I'm pretty sure USD sellers are gonna be in for a rude awakening this coming week.
