US dollar trading levels ahead of the NFP
With all eyes on Friday’s US nonfarm payrolls release, what are the key levels to watch for the main US dollar pairs?
AUD/USD tests strong resistance at 6800/05. Place stops above 6820. A break higher is a buy signal targeting 6830, 6845/49 and 6875/80.
Holding key resistance at 6800/05 targets 6770/60. Below 6750 look for 6730/20 before support at 6685/75. Try long positions with stops below 6665.
NZD/USD moves through strong resistance at 6340/45 targeting a selling opportunity at 6385/90 with stops above 6405. A break higher is a buy signal targeting 6422/26 and a selling opportunity at 6460/70.
We have minor support at 6345/40, 6325/20 and 6305/00. A move below 6290 risks a re-test of support at 6272/67.
EUR/USD has shot higher to a selling opportunity at 1.1035/45 now. Place stops above 1.1055. The next target is 1.1075, 1.1090 and Fibonacci resistance at 1.1110/20. Short positions need stops above 1.1130 for a buy signal targeting 1.1165/70.
Shorts at 1.1035/45 target 1.0999/90 perhaps as far as 1.0970/60. There is minor support at 1.0950/40 before a re-test of support at this week’s low of 1.0930/25.
USD/CAD holding minor support at 1.3225/15 targets 1.3250/55, then strong resistance at 1.3230/99. Try short positions with stops above 1.3310. A break higher targets 1.3345/50 before the high this week at 1.3378/82.
Watch minor support at 1.3225/15 but a break below 1.3200 targets 1.3185/80 and minor support at 1.3145/40. Failure here risks a slide to 1.3110/00.
USD/JPY has three-week trendline resistance at 160.45/50 then key resistance at 106.75/85. Try short positions with stops above 107.00. A break higher is a buy signal targeting 107.25/30 and resistance at 107.46/50. Bulls then need a break above 107.60 to target 107.80/90.
Holding the three-week trendline resistance in the five-week sideways trend targets 106.10/05, perhaps as far as minor support at 105.70/60. A break lower targets 105.30/25, perhaps as far as 105.05/00.
Technical Analyst & Trader
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