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Forex Trading StrategiesRange bound Asian market ahead of US non farm!
Despite the worse than expected US trade deficit, the market showed very little reaction. We look for today's US numbers to spark some direction in the major pairs.
MAJOR HEADLINES â€“ PREVIOUS SESSION
â€˘ US trade balance -68.5B vs. 66.5B
â€˘ Canadaâ€™s trade surplus 6.35B vs. 7.4B
â€˘ The ECBâ€™s Quaden said Eurozone rates are at historical lows
â€˘ BoJâ€™s, Fukui says to maintain accommodative stance for a while, can't say how long.
â€˘ Japanese Machine Orders -6.2% vs. -5.2% expected
â€˘ Japanese Workers Household Spending -3.5% vs. -.29% expected
THEMES TO WATCH â€“ UPCOMING SESSION
US non farm payrolls out later today. This usually can move the dollar quite significantly and with the recent range in the EURUSD and the inability for GBPUSD to break 1.7280 we look for this number to give direction into the following week. Unless we see EURUSD targeting 1.1820 we could be in for another choppy base with lack of short term direction.
Note: the support/resistance levels used in the matrixâ€™s of this document are levels derived from yesterday high, low and close. Reference in the text to other support/resistance levels will occur.
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