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Trading levels around the US nonfarm payrolls

With the latest nonfarm payrolls due in the US today, we take a round-up of the major forex pairs and US indices.

AUD/USD runs into first resistance at 6730/40. Short positions here target key support at 6725/20. If this holds the downside today we are likely to break above 6755 eventually, targeting 6775/80 and a selling opportunity at 6800/10, with stops above 6825.

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Failure to beat 6730/40 tests key support at 6725/20. Long positions need stops below 6705. Further losses test good support at 6680/70, where longs need stops below 6655.

NZD/USD holding above first support at 6260/70 eventually targets a selling opportunity at 6340/50, with stops above 6370. A weekly close above 6370 would be a buy signal for next week targeting 6400/05 and 6440/50.

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First support is at 6270/60 but a move below here targets 6230/20. Try long positions at 6185/75 with stops below 6140.

USD/JPY topped exactly at first resistance at 106.90/95 on the bounce. Holding here again today tests minor support at 106.50/45 but a move below targets better support at 106.00/105.90.

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First resistance is at 106.90/95 but a move above 107.05 meets a selling opportunity at 107.55/65 with stops above 107.80. A break higher targets 108.10/20 with resistance at 108.35/45.

The outlook for EUR/JPY is negative in the bear trend as we break 117.50/40, targeting 117.25/20 and 117.05/00 (hit), perhaps as far as 116.60/50 today. Below 116.30 risks a re-test of the 115.95/85 low.

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Try shorts at 117.65/75 if we bounce back today, with stops above 117.95. A break higher is a buy signal targeting 118.20/25 and resistance at 118.40/50 for profit-taking.

EUR/USD meets strong resistance at 1.1000/10 and shorts need stops above 1.1025. A break higher, however, is a very important medium-term buy signal, initially targeting 1.1050/60 and 1.1075/85.

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Our shorts at 1.1000/10 target 1.0950/40 for some profit-taking but a move below 1.0930 risks a slide to 1.0905/00, before the swing low at 1.0883/77.

USD/CAD holding above first support at 1.3310/20 is an important medium-term buy signal, initially targeting 1.3375/85. Further gains target 1.3420/30.

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First support is at 1.3320/10 but falling below 1.3290 targets 1.3260/50, perhaps as far as minor support at 1.3210/00.

The E-mini S&P 500 bottomed exactly at important longer-term Fibonacci support at 2860/50 and longs worked perfectly on the bounce to 2895/99 and minor resistance at 2916/19 today.

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A further recovery is certainly possible and above 2922 is a buy signal, targeting minor resistance at 2927/29 and strong resistance at 2937/39. Shorts need stops above 2946. A break higher targets 2953/55 and 2964/66.

First support at 2894/91 could hold the downside but a move below 2885 risks a slide to 2878/74, before a buying opportunity at 2860/50. Place stops below 2840. Key support is then at 2821/19.

The Nasdaq 100 meets resistance at 7670/80 today. Shorts need stops above 7690. A break higher is a buy signal targeting 7725/35 and probably resistance at 7752/56.

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Holding resistance at 7670/80, however, targets 7615/10 and first support at 7595/85. Longs need stops below 7575 for a test of strong support at 7520/10.

Jason Sen

Technical Analyst & Trader

For more information and trading education visit Intertrader

The content of this article is the personal opinion of the author and not Intertrader. You should under no circumstances consider the information and comments provided as an offer or solicitation to invest. This is not investment advice. The information provided is believed to be accurate at the date the information is produced.

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