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USDOLLAR Flag Top Tested as Attention Turns to US NFPs

USDOLLAR Flag Top Tested as Attention Turns to US NFPs

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- USDOLLAR Index nears flag resistance of 12063.

- EURUSD, GBPUSD, and USDJPY all starting to participate in move.

- See the DailyFX economic calendar for Thursday, August 6, 2015.

Now that the BoE's "Super Thursday" is in the rearview mirror, market attention will quickly shift to the headline event of the week: the July US labor market update. Markets are fairly optimistic on the outcome of tomorrow's report, with the probability of a September rate hike having surged from 38% to 55% the past two days (per the Federal Funds future contract implied probabilities). Irrespective of the outcome, a bigger than normal burst of volatility seems guaranteed around the US labor market data.

See the above video for technical considerations in EURUSD, GBPUSD, USDJPY, AUDUSD, and the USDOLLAR Index.

Read more: USDOLLAR Index Nears Flag Top as EUR/USD Loses Triangle Support

--- Written by Christopher Vecchio, Currency Strategist

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

Follow him on Twitter at @CVecchioFX

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