Talking Points
- Key levels on the USD crosses heading into NFPs / July trade
- Updated targets & invalidation levels
- Event Riskon TapThisWeek
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
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Relevant Data Releases
Other Setups in Play:
- CADJPY Short Scalps Favored Sub-99.00 on Failed Gap Fill
- 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 DailyFX at 12:30 GMT (8:30ET)
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