US Dollar Outlook
Coming into NFP this Friday, it's always important to see where the US Dollar is sitting.
As you can see, we have tried for the third time to breach the 61.8% Fibonacci retracement and major supply zone of ~95.70 and have failed.
The US Dollar will need a catalyst to break the zone and we may get that this Friday when Non Farm Payroll and Unemployment reports are released.
If that's the case, I will be looking for long positions up to the 78.6% Fibonacci retracement and major supply zone of 96.30.
On the other hand, if the reports released are negative, we may be heading into a decline to retest the lows of the 93.80 - 93.90 major demand zone. On the way down there are a series of minor resistance zones that have played as support in the past as well, though no real demand until we reach 94.50.
Happy trading!
As you can see, we have tried for the third time to breach the 61.8% Fibonacci retracement and major supply zone of ~95.70 and have failed.
The US Dollar will need a catalyst to break the zone and we may get that this Friday when Non Farm Payroll and Unemployment reports are released.
If that's the case, I will be looking for long positions up to the 78.6% Fibonacci retracement and major supply zone of 96.30.
On the other hand, if the reports released are negative, we may be heading into a decline to retest the lows of the 93.80 - 93.90 major demand zone. On the way down there are a series of minor resistance zones that have played as support in the past as well, though no real demand until we reach 94.50.
Happy trading!
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