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USD Pairs Technical Outlook Ahead Of US Jobs Data & NFP

Hello Traders,

In this article we will provide the technical outlook for the USD and certain related forex pairs ahead of this week’s jobs data and NFP. The USD has been under pressure within the second half of 2024 mainly as markets pricing in interest rate cuts as well as the weakness in US labor market and unemployment. As of recent the USD revisited the 100 area in which has been an area of interest both last year on 14.07.2024 at 99.600 as well as 28.12,2023 at 100.600. The levels provided twice support for the USD for a significant reaction to the upside. For the time being, bulls are managing to maintain the area of 100 with the main focus to be the jobs and labor data this week. Dollar bulls need a better labor outlook to push higher while any signs of weakness should be what sellers are looking for. Having said that let’s see most USD Major related pairs technical outlook and levels to watch for. For all charts we will be looking at their respective 8 hr timeframes.

 

USDJPY – Bulls Looking To Defend 16.09.2024 – lows for the 147 – 149 area – Sellers Need To Break Below It Looking for The 135 – 137 Area

usdjpy ahead of nfp oct 2024

 

EURUSD – Bulls Need To Hold The RSI Trendline and Break Decisively 1.12000 Looking For 1.13000 – 1.14000 – Otherwise Sellers Can Take It Lower Towards 1.09000 – 1.10000 Area

EURUSD before nfp oct 2024

 

 

AUDUSD – Strength Since 05.08.2024 Lows Cycle From 11.09.2024 Intact – Bulls Looking For 0.7000 Or Sellers To Bring it Lower Towards 0.68200 – 0.67300 area – RSI Trendline In Focus

audusd before nfp oct 2024

 

USDCHF Support Is Holding from 0.84000 – 0.83300 area – Buyers Will Be Looking For 0.87000 – 0.87500 Area If Positive US Data While Sellers Will Need To Break Decisively Below 0.83300 – RSI Trendline In Focus

usdchf outlook before nfp oct 2024

 

These were some of the main major USD related pairs and this week should be a decision week as the market should decide on the next move and reaction to take place according to the upcoming labor data which kicks off tomorrow with JOLTs Job Openings data at 15:00 GMT, followed by ADP employment on Wednesday and then Jobless claims on Thursday as the main NFP and unemployment data is due for Friday 13:30 GMT.

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