The US$ is trying to carve out a weekly bounce from major 92.50 support but, will this last the week and after NFP? A number of FX pairs remain at key levels and these are noted, along with charts, in the space below. Traders will need to be nimble and open minded as they watch these key S/R levels for either a break or respect. I’m in Lisbon now but on the move a fair bit and so this is just a brief update.
USDX weekly: this is trying to bounce up off major 92.50 support. Note the bullish-reversal ‘Hammer’ candle that is currently in print. Watch to see how this closes after NFP though:
Gold weekly: is hovering still under the $1,300 S/R level. Any break & hold below 92.50 on the US$ would support bullish continuation for Gold. A bounce with the US$ though would put pressure on the metal:
Oil weekly: this is parked near the $45 S/R level as the US$ makes up its mind which way to go from here:
EUR/USD weekly: this is still loitering near the breakout level of 1.15 and clearly waiting to see where the US$ heads next before declaring its own hand. NFP might help provide some clarity here:
AUD/JPY: this is still near the major 80 S/R level but note the daily chart and how a bullish-reversal ‘Morning Star’ pattern could be forming up!
A/J monthly: note how important the 80 level is:
GBP/USD: this is also still loitering near a key S/R level at 1.46 and note the monthly chart and the extent of support here at this level:
G/U weekly: this is currently forming a bearish-reversal ‘Shooting Star’ here but this could all change with NFP so I’d be cautious until then. However, any bullish continuation with the US$ would put pressure on this pair and may trigger a decent bearish bounce down from this key 1.46 S/R level. Ya gotta be nimble and open minded!!!
G/U monthly: note the band of support at this 1.46 region:
NZD/USD weekly: this pair, too, is currently forming a bearish reversal weekly candle under the key 0.70 level BUT, IMHO, it would be best to see how the US$ closes after NFP.
USD/CAD daily: this has made a bullish breakout from a lengthy descending trading channel. Watch for any continuation here if the US$ keeps rising after after NFP. NB: I note there was a 4hr TC LONG signal here earlier in the week.
EUR/NZD: this is struggling at the key 1.675 S/R level but watch for any break or respect:
GBP/NZD: this is back near the key 2.10 S/R level:
EUR/AUD: this pair is also back near major S/R at 1.55: