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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.

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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.

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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.

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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.

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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.

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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.

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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