EUR/USD, USD/JPY and AUD/USD Forecast – US Dollar a Bit Mixed Early on Thursday as Market Waits for NFP

EUR/USD Technical Analysis

The euro has gone back and forth in relatively tight Trading on Thursday morning as we try to determine whether or not the Euro can continue to go higher. Ultimately, I think the biggest thing you need to pay attention to here is that we are in a range with 1.12 below offering significant support and 1.15 offering significant resistance. That being said, the market itself is leaning to the upside, but we’ll have to wait and see because, quite frankly, the jobs number on Friday could possibly change everything.

USD/JPY Technical Analysis

The US dollar is continuing to fight back against the Japanese yen as we have bounced a bit. That being said, we still have some distance to go before we can get overly excited about this. Nonetheless, I think we’ve got a situation where traders are going to continue to look to the interest rate differential over the longer term, and perhaps try to push this back to 145 yen.

That being said, you have to keep in mind that the market will continue to see a lot of questions asked of the 142 yen level as support. So as long as we can stay above there, we’re probably still looking at a potential bounce.

AUD/USD Technical Analysis

The Australian dollar has rallied a bit during the trading session on Thursday, but it’s already starting to show signs of hesitation. If we can break above the shooting star from Monday of last week, then we can really start to take off. But right now, we’re just testing that resistance area yet again. So, it’ll be interesting to see how that plays out. The 0.64 level certainly seems to be offering support with the 50 day EMA and the 200 day EMA sitting right there as well.

For a look at all of today’s economic events, check out our economic calendar.