In forex trading, the dollar index fell at the start of the session on weaker than expected prints on the ADP employment and ISM non-manufacturing reports. The index located support on the 72.72 level, just before rapidly paring losses to end fractionally higher for the session.

The pullback was basically backed up by a late-day rally in stocks which closed well off the lows and also by forex traders who trashed dollar shorts ahead of tomorrow’s rate decisions and Friday’s employment report. The greenback will probably continue being range bound in between the 72.72 and 73.30 support/resistance levels.

A fast glimpse at the majors sees the yen besting the majors against the greenback as broad based decreases in equities and commodities motivated risk-off trading. Tomorrow’s event risk had investors not willing to keep positions in the sterling, the euro, or the neighboring swissie, all of which wrapped up flat on the day.

EUR/USD forex trading signals strategies: Yet again, the EUR/USD continues to be the range trader’s enjoyment and 1.4750-1.4900 contained things yet again with support on the dip coming from the Portugal bailout validation. It appears like continuing for the next 24 hours ahead of the rate statement as traders proceed to factor in higher rates although patient investors appear to be content to hold back and obtain better levels to buy.

GBP/USD forex strategy signals: As previously mentioned in yesterday’s report, the split of 1.6590 created an extremely bearish signal and on the release of worse than predicted UK PMI which added cold water on likely rate rises tomorrow as well as traders strongly selling GBP in opposition to both USD & EUR. There appears to be support around 1.6440 but sentiment has moved to sell the rally from this point.

USD/JPY forex strategies signal: USD/JPY continues to grind lower as traders remain satisfied selling on any rally. We open the Asia session mid-range and despite the fact that most traders are still calling it lower, individuals not already short from higher up seem to be waiting for better levels to sell and anywhere back near 81.75 appears to be their inclination.

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