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Key Levels to Know on USD Majors Heading into NFPs and July Trade

Key Levels to Know on USD Majors Heading into NFPs and July Trade

Michael Boutros, Strategist

Talking Points


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 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 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 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 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:

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

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.