Bulls look for fresh boost from strong US jobs data
The pair maintains positive tone and holding above psychological 107 level ahead of today’s key event – release of US jobs data for August.
Strong two-day advance (Wed/Thu) resulted in close above important barrier at 106.88 (daily Kijun-sen / 50% retracement of 109.31/104.44 descend) that generated bullish signal.
Daily 10/20/30 MA’s in bullish setup and strong momentum are supportive factors, with strong US jobs data expected to spark fresh acceleration higher on existing near-term risk-on mode.
Repeated close above broken 106.88 barrier would confirm bullish bias, with extension above 55DMA (107.21) also yesterday’s spike high, needed to signal further advance.
Below 106.88, next supports lay at 106.50 (30DMA) and 106.31/23 (diverging 10/20DMA’s) which mark bearish triggers.
Res: 107.21; 107.45; 107.91; 108.16
Sup: 106.88; 106.50; 106.31; 106.00