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NFP Setups in Focus- USD Breakout Plays

NFP Setups in Focus- USD Breakout Plays

Michael Boutros, Strategist

Talking Points

  • USDOLLAR, USDCAD, USDJPY in Focus Ahead of NFPs
  • Updated targets & invalidation levels
  • Key Event Risk on Tap

USDOLLAR Daily

NFP Setups in Focus- USD Breakout Plays

Chart Created Using FXCM Marketscope 2.0

Notes: We’re looking for confirmation of this push through the initial 2015 opening range high. Near-term resistance eyed into 11,935 backed by the July median-line & 12,049. Near-term support (bullish invalidation) rests with the highlighted zone between the lower parallels. A break below would risk a more drastic correction in the greenback.

USD/CAD Daily

NFP Setups in Focus- USD Breakout Plays

Notes: The pair responded to confluence trendline support in the aftermath of the BoC. We’re looking for a resolution to this consolidation with a breach targeting 1.2646 (bearish invalidation) & 1.2797. Interim support at the 1.24-handle with key support eyed at 1.2249/83 (bullish invalidation). Note that daily momentum has not broken sub-50 since March of 2014- in that instance the move triggered a four-month decline into the yearly lows. A breach above the former support trigger would offer further conviction on reasserting the long-bias. Review latest USDCAD scalp setup

USD/JPY Daily

NFP Setups in Focus- USD Breakout Plays

Notes: USDJPY is attempting to break this multi-month consolidation formation with today’s close failing to clear the February highs. A breach above the 2014 high-day close at 120.67 is needed to confirm this break with such a scenario targeting 121.43 & the 2014 stretch high at 121.84. Interim support rests with the monthly opening range low at 119.38 with a break below targeting the lower median-line parallel (blue) and we’ll reserve this feature as our bullish invalidation level. Review latest USDJPY scalp setup

Relevant Data Releases

NFP Setups in Focus- USD Breakout Plays

Other Setups in Play:

---Written by Michael Boutros, Currency Strategist with DailyFX

For updates on this scalp and more setups follow him on Twitter @MBForex

To contact Michael email mboutros@dailyfx.com or Click Here to be added to his email distribution list

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