USDX (USD Index)
The pressure in U.S dollar index diminished before non-farm employment data today. The index bounced from blue trendline and moving near closest extreme high. If the index can close higher, it will face the upper channel around 100.30 – 100.50. Traders will observe major data from U.S market today before deciding next direction.
News to watch
04.30 AM UK Services PMI, estimate reading of 55.8
08.30 AM U.S Non-Farm Employment Change, consensus increase of 170k
U.S Unemployment Rate, expected at 4.7%
For full outlook for this week, you can follow Forex Outlook For The Week 30 – 3 February 2017
Technical Analysis
EUR/USD
After a bounce at the trendline, EUR/USD continued moving up again and touched 1.0825. Currently, the price reversed and moved lower below the trendline. Non-farm employment data on the line might move EUR/USD upward or downward sharply depend on the result.
Today critical level to watch:
Support: 1.0710, 1.0640, 1.0590, 1.0562, 1.0500
Resistance: 1.0800, 1.0825, 1.0910
GBP/USD
GBP/USD slide sharply after it closes above 1.2670, the price move back to its support area 1.2480 – 1.2550. The news to watch today is the UK services PMI and U.S non-farm employment. If the price manages to close lower 1.2400, it will risk more downside.
Today critical level to watch:
Support: 1.2500, 1.2480, 1.2400, 1.2380
Resistance: 1.2550, 1.2670, 1.2800
USD/JPY
Wait & see in USD/JPY as the price hovering near horizontal support line 112.50. Next direction will be decided after news releases today. The lower scenario has 110.50 as an initial target, while higher scenario will drive the price above 115.90.
Today critical level to watch:
Support: 112.87, 112.56, 112.00, 110.50
Resistance: 114.00, 114.20, 115.00, 115.90
AUD/USD
AUD/USD bull enjoy huge winning over the bear after the pair reached 0.7688 since the rally from bottom 0.7158. Looking at the price action, AUD/USD might push further upward inside 0.7688 – 0.7748 area and possibly higher.
Today critical level to watch:
Support: 0.7590, 0.7550, 0.7523, 0.7500, 0.7421, 0.7400
Resistance: 0.7660, 0.7688, 0.7748