The NFP report last Friday created a pretty mixed sentiment toward whether the Fed will raise rate this month.
Employment change stands at 151k as compared to the forecast of 180k, and average hourly earning also underperformed with a growth of 0.1% as compared to the forecast of 0.2%.
However, the figure for a gradual rate rise stands at above 100k. So even if the NFP report performed worse than the forecast, it is still safe to say that the Fed is still keen to raise rate, but probably more so in December because in one way or another, the figure is definitely worrying for the Fed and they might, again, want to see more data coming in before making a decision.
USDJPY H4 Chart
An attempt was made to break above key resistance level 104.04 when the price pulled back from a dip and gained.
We can see some pretty strong rejection from the resistance level that is just below the Fibo retracement level 61.8%.
The sentiment is still pretty unclear, but I would say it is worth the bet to sell as the price climbs back to 104.04.
I will be watching the M15 chart for a clear retracement for a sell.
AUDUSD H1 Chart
We can clearly see that there are some pretty strong bulls coming in to push price towards the top of the falling trend channel.
A pulled back from the top of the channel has just happened recently last Friday during NFP and price is now going for a retest.
Looking at the fundamentals, the Aussie is most likely to appreciate and one of the main reason is the RBA is not going to cut its cash rate again tomorrow.
I am waiting for a retest at the top of the falling trend channel, then wait for some retracements to form in the M15 chart, then go in to join the bulls again.