Key Levels to Know on USD Majors Heading into NFPs and July Trade
DailyFX.com -
Talking Points
Key levels on the USD crosses heading into NFPs / July trade
Updated targets & invalidation levels
USDOLLAR Daily
Chart Created Using FXCM Marketscope 2.0
USDOLLAR has made it back through initial resistance 11880/87 with the 11924/35 resistance range in focus heading into NFPs.
Breach targets resistance objectives at 12008, 12037
Break below this week’s low needed to put the short-side back into focus
Key support still 11731/37
USDJPY Daily
USDJPY setup highlighted last week- trade remains at risk sub 124.13/35
Interim resistance at the upper MLP extending off the highs
Key support at the lower MLP / 121.55/83
Note momentum is sitting on the 50-mark with a pending resistance trigger in view
EURUSD Daily
EURUSD at key near-term support 1.1053/65
Break lower targets 1.0950 (key support & bullish invalidation)
Subsequent support objectives 1.0845 / MLP support
Key resistance into 1.1236 with breach above putting the long side back in focus targeting 1.1392
GBPUSD Daily
GBPUSD targets interim support at 1.5560 backed by 1.5470
Key support & bullish invalidation at the 2013 median line (purple)
Near-term resistance at 15774 backed by the 1.5878-1.5940 key range
Note the pending support trigger in momentum
USDCAD Daily
USDCAD breakout targeting the ML off the lows / 1.2638.
Breach targets 1.2770 & 1.2833
Interim support at today’s low backed by 1.2384 (bullish invalidation)
Note the pending support trigger in momentum
For updates on these setups and more throughout the week subscribe to SB Trade Desk
Relevant Data Releases
Other Setups in Play:
Webinar: Greece Charges Euro Gap & Snapback- USDJPY Remains at Risk
USDJPY Runs Into Key Resistance- Short Scalps Favored Sub 124.35
GBPJPY Opening Range Setup- Long Scalps Vulnerable Sub 195.50
GBPUSD Pullback to Offer Favorable Long Entries- 1.57 Key Support
---Written by Michael Boutros, Currency Strategist with DailyFX
Follow Michaelon Twitter @MBForex,contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list
Join Michael for Live Scalping Webinars on Mondays on DailyFXat 12:30 GMT (8:30ET)
Interested in learning about Fibonacci? Watch this Video
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.