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US Dollar Breakout Nearly Confirmed - Trade Setups for July NFPs

US Dollar Breakout Nearly Confirmed - Trade Setups for July NFPs

2014-08-01 11:00:00
Christopher Vecchio, CFA, Senior Strategist
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Talking Points:

- EURUSD bearish below 1.3475, USDJPY bullish above 102.75.

- USDCAD may have room to run, EURCAD could surprise higher.

- See the DailyFX US Economic Calendar for Friday, August 1.

If the July US Nonfarm Payrolls deliver today (+230K expected), the US Dollar could see another burst higher after its recently impressive two week bull run.

Technical evidence across the US Dollar spectrum as cropped up over the past several days suggesting that a number of key resistance levels have been broken, paving the way for new trends to emerge. A strong July NFPs could be the exact catalyst required to cement the US Dollar breakout.

Irrespective of the actual NFP figure, it's important to have the levels identified for any outcome. Our job isn't to predict the NFP figure, then predict how the market will interpret that figure; it's to manage our risk.

Watch the video for a detailed explanation and a look at the charts for each of EURCAD, EURUSD, GBPUSD, USDCAD, and USDJPY.

Read more: USD/JPY Fueling Broader USD Breakout; EUR/USD Weak Under 1.3400

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

To be added to Christopher’s e-mail distribution list, please fill out this form

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