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Please read our disclaimers: Video FX Market Update: Disclaimer The Saxo Bank Group entities each provide execution-only service and access to Tradingfloor. The main downside target is the support line of the major channel at 0. That can be potentially a huge buy signal but first, we need to see the bounce from this line, which would be. In case the pair manage to conquer 1. Overnight, the market received data about the condition of the job market from Australia.
The unemployment rate dropped, which was a good sign, but the employment change was worse than expectations. In overall, traders used this data to buy AUD, which is now strengthening across the market. Last week was great for the USD.
Here we were getting the sell signal for the USD even before the data hit the screens.
On almost all instruments with the USD, we can find interesting setups. Considering we are near an important price action level, it is safe to assume we will see price decrease from here on out!