Article originally published on innerfx.com and republished here with permission
As a speculator you must embrace disorder and chaos. ~ Louis Bacon
Good morning and Happy NFP Day! Dollar holds gains ahead of today’s Job Report, while EUR struggles to recover – currently trading in the $1.23 zone – which is quite far below former key support at $1.26. Here are some charts of interest for today:
USD Index Daily 6-1-2012
still in consolidation mode between 1300 and 1340 and it looks like a bear flag. There’s much pressure on support zone at 1300 and today’s NFP should provide the fuel to exit the range
SPX Chart Daily 6-1-2012
$1.25 and $1.26 look so far away now, when every rally is being sold even if it’s only a 30, 50-pip gain.
EURUSD Chart Daily 6-1-2012
Hourly chart looks “better” from a technical perspective and it’s easy to see where to expect resistance in case of rally as a reaction to NFP – and that’s $1.2400
EURUSD Chart Hourly 6-1-2012
Former support at 1.2900 became resistance and yesterday’s rally was sold. Time to expect more weakness?
AUDNZD Chart 4hrs 6-1-2012
Perhaps this rally is a bit too strong and a correction would be welcome. Two big figures below current level is where support should be formed
USDCHF Chart Daily 6-1-2012