The US non farm payroll data is due on Friday and this will be the first time we have the most significant piece of information released since the Fed hiked the interest rate. The forecast is for 202K while the previous reading was at 211K.
Read MoreEUR/USD: This pair is trading in a downward wedge pattern on a 4 hour time frame. The next support is near the 1.0517 level and the resistance is 1.0944.
USD/JPY: The pair is trading below the downward trend line on a 4 hour time frame. The near term support is at 116.31 and the resistance is at 120.46.
GBP/USD: The pair is trading in a support zone of 1.4601-1.4564 on a 4 hour time frame. The next resistance is near 1.04942 and the support is 1.4484.
EUR/USD: This pair has pierced the Bollinger Band on a 4 hour time frame. The next support is near the 1.0617 level and the resistance is 1.1085.
USD/JPY: The pair is trading below the downward trend line on a 4 hour time frame. The near term support is at 118.05 and the resistance is at 120.46.
GBP/USD: The pair has broken its downward wedge pattern towards the downside on a 4 hour time frame. The next resistance is near 1.04942 and the support is 1.4564.
EUR/USD: This pair has broken its ascending triangle pattern towards the downside on a 4 hour time frame. The next support is near the 1.0617 level and the resistance is 1.1085.
USD/JPY: The pair is trading below the downward trend line on a 4 hour time frame. The near term support is at 118.05 and the resistance is at 120.46.
GBP/USD: The pair is trading in a downward wedge pattern on a 4 hour time frame. The next resistance is near 1.04942 and the support is 1.4564.
The precious metal is consolidating in a side pattern on a 4 hour time frame. This shows that traders are lagging direction and not sure which way they should trade. The price is also trading near the 100 and 50 day moving averages (shown in yellow and red). However it is important to note, that the price is trading below these averages and this represents bear strength.
Read MoreThe dollar index is firmly trading below the downward tend line on 4 hour time frame. This confirms that the trend is skewed towards the downside. Moreover, we also have the cross over of the 100 day (shown in red) and 50 day (shown in yellow) moving average, which is a further confirmation of the weakness. The price is already trading below these averages and the cross over of the 100 and 50 day MA from top, is a further sign of bear strength.
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