Technical Analysis on EUR/USD, USD/JPY, GBP/USD, 05/08/2015
FX77 | Aug 05, 2015 05:56AM ET
Today’s pivotal events will focus on the US ADP data and American Trade Balance data. ADP employment number increased 2.15 million in June, compared to previous increase of 2.37 million. ADP employment data is regarded as the wind indicator of Non-farm Payrolls, with a positive ADP data, it is high time that NFP should perform positively. Furthermore, with all the chatter about Fed’s interest rate hike decision in September, ADP employment data released in the evening will give more hints of it.
During the session today, CPI(YoY)(July) will see light in Switzerland, with Service PMI(July) consecutively released in France, Germany, Eurozone and Britain. Retail Sales of June will also see light in Eurozone with Trade Balance(June) schemed to released in Canada. ADP employment number(July) as well as ISM Non-Manufacturing PMI will finally come out in the US.With certain underlying assets performing actively when data see light, FX77 binary option analyst suggest grasping the opportunity to do short-term trading.
EUR/USD
The EUR/USD pair is bearish in the overall position with opportunity of buying put. Resistance is found at 1.0920/1.0980 and support at 1.0850/1.0800.
USD/JPY
As the USD/JPY has bounced around with consolidation, we are buyers of call option on dips. Resistance is found at 124.60/125.00 and support at 124.00/123.60.
GBP/USD
Since the GBP/USD pair continues to show signs of bearish sentiment, we favor of buying put option. Resistance is found at 1.5600/1.5650 and support at 1.5500/1.5450.
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