EUR/USD, USD/JPY and AUD/USD Forecast – US Dollar Strengthens Slightly on Thursday

EUR/USD Technical Analysis

The euro fell a bit during the early hours here on Thursday as the market continues to consolidate in the same range. Quite frankly, I would not expect much during the Thursday session simply because we get the non-farm payroll announcement on Friday. I suspect a lot of traders are waiting to get that out of the way before putting on new sizable positions. The 50-day EMA and the 1.16 level below offer support, while the 1.18 level above offers resistance.

USD/JPY Technical Analysis

The US dollar has rallied slightly against the Japanese yen, flying in the face of the shooting star from the previous session. But again, with non-farm payroll coming out on Friday, I keep my expectations somewhat limited here. We are sitting on top of the 200 day EMA, which of course is a good sign, and if we can recover the 148.50 level on a daily close, then perhaps that shows that we are going higher. I think that’s probably the case eventually anyway, but we’re just sitting at the top of consolidation.

AUD/USD Technical Analysis

The Australian dollar has fallen from the all too familiar 0.6550 level. The 50 day EMA sits just below there, right along with the 200 day EMA, and I think this is just more of the same consolidation that we have been seeing for some time. The Australian dollar has been an underperformer against the US dollar in comparison to some other currencies over the last couple of months. So, if we do see a lot of US dollar strength suddenly, this pair should drop pretty drastically. As far as buying is concerned, I would need to see the 0.66 level cleared on the daily chart at the close of a daily candlestick to even consider buying. As things stand right now, I think we’re sideways with somewhat negative bias.

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