USDX (USD Index)
U.S dollar index sticks near 94.00 resistance as expected before the release of U.S Non-farm employment data. Currently, the index might breakout upside after the news and head to the bearish trendline around 95.50. Alternatively, the downside movement could bring the index sideway inside 93.00 – 94.00.
News to watch
08.30 AM U.S Non-Farm Employment Change, expectation 82k
For full outlook for this week, you can follow Forex Outlook For The Week 2 – 6 Oct 2017
Technical Analysis
EUR/USD
EUR/USD is testing the lower range of 1.1710 – 1.1820 before Non-farm employment release. The pair continues stick near the support level and showing 50:50 chance for the bull and the bear. Traders who are long could wait with a stop below 1.1580 while traders who are short could place the stop order above 1.1930.
Today critical level to watch:
Support: 1.1710
Resistance: 1.1820, 1.1900, 1.1925, 1.2000
GBP/USD
The bear is in control and decides to push the pair lower before today Non-farm employment data. GBP/USD is hovering 50 pips above 1.3000 and expected to touch the level after the news release. Where the pair will move next will depend on how the price reacted at 1.3000. The NFP bar is really low after the hurricane, and lighter damage to the job is a sign GBP/USD could slide hard below 1.3000.
Today critical level to watch:
Support: 1.3000, 1.2800
Resistance: 1.3250, 1.3300, 1.3342
USD/JPY
The direction of USD/JPY is up, and the price looks will challenge 113.20 today. As long as there is no major change after NFP data release. We maintain the outlook on USD/JPY and believe 114.50 will be reached today or next week.
Today critical level to watch:
Support: 112.50, 112.00, 111.60, 111.00, 110.50
Resistance: 113.00, 113.20, 114.00
AUD/USD
AUD/USD reach checkpoint today, the pair touch top of 0.7690 – 0.7750 area and make a bounce. The upward movement might be limited and could reverse after U.S data. However, it is not the time to place short position yet as the position will bump into a support level. 0.7800 – 0.7807 might become the cap of bounces today.
Today critical level to watch:
Support: 0.7750, 0.7690
Resistance: 0.7800, 0.7875, 0.7900, 0.7970, 0.8000, 0.8100