Dollar eases as weak AHE offset positive impact from upbeat US jobs data

The pair dipped to session low at 111.18 after US jobs data, as initial positive sentiment on upbeat NFP (Apr 263K vs 181K f/c) and unemployment falling to 50-year low (Apr 3.6% vs 3.8% f/c)  was soured by disappointing Average Hourly Earnings which grew 3.2%, disappointing 3.3% consensus.
The pair spiked to 111.69 in immediate reaction on data, where 10SMA capped the action and fresh dollar weakness emerged after markets digested data.
Fresh easing highlights 200SMA (111.51) as strong barrier, as upside attempts in past two days failed to close above it and the pair is on track for the third consecutive failure.
Extension below 55SMA (111.29) adds to negative tone, with daily close below needed to confirm.
The pair is on track for the second weekly bearish close, with the action of past four weeks being capped by falling 200WMA which maintains pressure.
Bears eye Wednesday’s spike low at 111.05 and 10 Apr trough at 110.84, violation of which would generate fresh bearish signal.
Strong daily bearish momentum and MA’s in negative setup, support scenario.

Res: 111.51; 111.70; 111.90; 112.03
Sup: 111.18; 111.05; 110.84; 110.70