I’ve pretty much covered the main levels I’m watching in USD/JPY and so I’ve had a look at some other dollar pairs to see if there’s anything worth keeping an eye on.
USD/CAD
We also have Canadian jobs out at the same time and although NFP will trump them, a decent move away from expectations will add or subtract from any NFP move.
- Above – We’re pretty much in open fields currently and baring the highs around 1.1870 this week there’s virtually nothing tech wise up top for miles. Given the scenario I’ve alluded to above the top could feature but it’s not strong enough looking for me
- Below – 1.1800 is the nearest support point but probably too close to count for anything. 1.1730/45 is one level I’d keep in mind but the next stronger level isn’t until way down at 1.1665 and the old 61.8 2009 fib
EUR/USD
- Above – 1.1875 was the June 2010 and with resistance seen at 1.1880/85 and then the big figure at 1.1900, it could be enough to contain a pop. After that 1.1975 is the next strongest level
- Below – There’s next to nothing in the way to the downside until 1.1640 and the 2005 lows. Even then, the euro’s inability to bounce very far right now would suggest we won’t be seeing a 200+ pip reversal if we do go that far. I’m less inclined to fade a euro fall than I would in other currencies. Once it gets hit traders like to keep it hit
GBP/USD
- Below – I covered the upside in my earlier post and so we need to look down. 1.5070/80 was a sticky spot on the way up yesterday and held support when it did break. From there it’s the 1.5050 level down to the low at 1.5035. The 1.50 level is a big psychological level in itself so that would be the ultimate place to fade a bad number
AUD/USD
- Above – 0.8150/60 is resistance but too close for comfort. 0.8200/20 has been eyed for shorts to re-establish and there looks to be further resistance around 0.8235
- Below – 0.8080 keeps having say on both sides as does 0.8058. Then we have the monthly double bottom at 0.8030/35
