USD-Pairs Testing Recent Boundaries for Breakout

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NFP Reactions: EUR/USD, GBP/USD, NZD/USD
NFP Reactions: EUR/USD, GBP/USD, NZD/USD

Today, the market was relatively quiet in terms of fundamentals. Some USD-crosses tested some key levels in the near-term, but there does not seem to be any commitment on this Friday session. Let’s take a look at the EUR/USD, GBP/USD, and AUD/USD:

The EUr/USD broke below a 2-day consolidation range, and cracked 1.35, but did not followup with the breakout. The pressure is still on the 1.35 handle down to 1.3476 low on the year, but a break above 1.3540 could open up further consolidation instead. GBP/USD is consolidating, and showing some signs of bearish correction. However today’s price action is keeping GBP/USD afloat with support around 1.7060. The next support would be around 1.70. A break above 1.7125 will be needed to revive the bullish outlook from the currently neutral mode in July. AUD/USD has been consolidating in July and is showing some bearish bias. However, without a break below the 0.9320 neckline and a push above 0.94, AUD/USD can revive the bullish outlook.

To contact the reporter of this story, email Fan Yang at fan@forexminute.com
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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.