Wednesday, July 3, 2013

EURUSD has gone below 1.30 in advance of ADP payroll report

In what could be a significant indication that some of the big players in Forex have excellent intelligence / analysis, the EURUSD has gone below its very significant support at 1.30. The all-important ADP payroll report, which anticipates U.S Non-farm payrolls on Friday, is out later in the global day today. As previously noted, a good payroll report will trigger tapering of Quantitative Easing by the Fed, which in turn is expected to strengthen the U.S. dollar across the board.

Of course, events in certain peripheral Eurozone countries (Portugal, Greece) are not helping the Euro this morning, but that other stalwart of U.S. dollar pairs, the AUDUSD, also continues its flight south. The Omicron Forex Silver Trigger routine holds a short position in AUDUSD, which is very much in profit at the moment:

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