EUR/USD, USD/JPY and AUD/USD Forecast – US Dollar Softens a Bit on Friday

EUR/USD Technical Analysis

The euro rallied slightly during the Friday session after the jobs report got out of the way. Well, it’s a fairly neutral jobs report. The number came out a little better than anticipated, but average hourly earnings dropped a bit while the unemployment rate was dead on what analysts expected. So, kind of a mixed bag, nothing really to worry about one way or the other.

So, with that being said, it looks like the Euro is reacting positively, but we are just basically hanging around in this same sideways action that we have been in for a while. So, with that being said, I think you have a market that is just going to continue to consolidate between 1.13 and 1.15 in the short term.

USD/JPY Technical Analysis

The US dollar has pulled back just a bit against the Japanese yen after the jobs number, but that’s not a huge surprise. The 145 yen level is an area that’s been important a couple of times, not only from a psychological standpoint, but from a structural one as well. The market has been rather noisy over the last couple of days. So, a little bit of a give back before trying to rally again makes perfect sense. So even with this negative candlestick, it’s not enough really to scare the bullish traders in this pair based on the previous two candlesticks at least.

AUD/USD Technical Analysis

The Australian dollar does look like it’s trying to break out to the upside. If it can clear the 0.65 level, I suspect this trend has to go towards a 0.69 level over the longer term. It’ll be interesting to see how this plays out. This is a market that’s tested this area a couple of times, and it does seem to be just sitting here. This is probably going to be more or less about the US dollar than anything else. So, watch that. If we pull back here, then we just reenter the consolidation.

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