Article / 08 October 2012 at 8:23 GMT

Post NFP euphoria leads us to...Friday morning levels, AUDUSD dip

Director / Accumen Management
United Kingdom

With the nonfarm payrolls figure out of the way and the US on holiday today, not to mention the Eurogroup meeting commencing, it should be a relatively thin and quiet day.

To that end this morning’s price action has proven exactly this so far. The initial euphoria post the print on Friday afternoon has very quickly subsided and we’re back at Friday morning levels if not even lower in some cases (AUDUSD).

Directionally speaking, it’s harder to pick than a broken nose and range plays could be the way forward. As noted in this piece on Friday previous resistance and breakout levels will for now serve as support on initial tests.

On the data front we’re quieter than a church mouse with only German industrial production now due in the European morning.

I’d like to sound intelligent and give you some great ideas in this market, however sadly today looks like it should be rather muted and best served as an opportunity to catch up...

Helmets on and good luck.


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