Following Fridays' NFPs, which were taken by the market with a mixed bias, I would argue for a dollar strength on Monday. The report was more positive than negative, which will boost dollar rebound after last week's slide. Technically USD crosses are overbought and should find selling on a profit taking in an absence of the major economic releases in the next few days.
I will sell NZDUSD and GBPUSD. GBPUSD was described in a previous post. NZDUSD produced a strong rally after a strong unemployment report. This data does not defferentiates NZD among other currenies. Any rallies in NZD should be sold considering a weak economic outlook for the currency.
For the trading strategy I will sell a pair at the current level of 0.6643 and let it fall to the lower channel boundary and a 38.2% retracement at 0.6577.
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