The market still isn’t sure whether it wants to continue selling the US dollar or give it a chance to rebound. Overall, it’s an indecisive market but a clean reading on jobless claims, one way or the other, could give the market some direction.
The places to watch are in AUD/USD and USD/JPY. The Aussie tried to rally in Asian trading but it stalled out around the 38.2% retracement of yesterday’s swan dive. It continues to skid ahead of support at 0.9605, which is the key level to watch. Same story in USD/JPY as it tried the upside but is back in the middle of yesterday’s range. Support at 97.15.
The euro is the outlier, it pushed through resistance at 1.38 and has been able to hang onto the gains. That’s a good sign for euro bulls.
