Don’t waste your time – keep track of how NFP affects the US dollar!
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Personal areaEUR/USD has been moving in a descending channel since the start of this year. It has bounced off the lower trend line. If bulls keep momentum, it may rise to the 200-day moving average of 1.1860. On the flip side, if it drops below the support level of 1.1760, the way down to the psychological mark of 1.1700 will be open.
GBP/USD has approached the resistance of 1.3770. The move above this level will drive the pair to the 50-day MA of 1.3825. In the opposite scenario, if it manages to break yesterday’s intraday low of 1.3735, the doors will be open to the next support of 1.3680.
USD/JPY has been moving sideways between 108.35 and 109.35. Finally, it has broken through the resistance of 109.35.Thus, the way up to the next round number of 110.00 is open. Support levels are 109.35 and 108.90.
Finally, let’s talk about gold. It has formed a triangle pattern. Therefore, we should look for a breakout. If it crosses the lower line of the triangle at $1725, the way down to the low of March 10 at $1713. On the flip side, the move above the upper line at $1735 will push gold further up to yesterday’s high of $1746.
