US Dollar Breakout Nearly Confirmed - Trade Setups for July NFPs

By DailyFx | Updated August 01, 2014 AAA

DailyFX.com -

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

You May Also Like

Related Forex Analysis
  1. Forex News

    USD/JPY climbs above 119.00 after jobless claims

  2. Forex News

    USD/CHF retreats to 0.9755 and rises back above 0.9800

  3. Forex News

    GBP/USD trims half of yesterday's losses

  4. Forex News

    EUR/USD moves off lows but lacks momentum

  5. Forex News

    Dollar Rally Post-FOMC Bolstered by Surprise SNB Action

Trading Center