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

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

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