Intraday Forex Wednesday, August 4 (EURUSD, USDJPY, etc.) Dollar pressured ahead of jobs data. Delta outbreaks fueled safe-haven currencies.


Hi everyone. This observation is made around 5:30 UTC today, with 30 minutes time frames. The Resistance and Support Line were constructed according to Fibonacci retrenchment. Any discussion is welcomed.

Asian shares advanced on Wednesday, led by strong U.S. corporate earnings and accelerating Chinese services activity growth, although the mood remained cautious as the rapidly spreading Delta variant of the coronavirus clouds the global economic outlook. A deepening regulatory scrutiny in China also sent jitters through the global technology sector.

The dollar was pinned against other currencies, as markets looked ahead to partial U.S. labour data due later today and non-farm payroll figures due on Friday.

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  • The euro was a touch higher at $1.18727 per dollar on Wednesday, as traders awaited U.S. jobs data for a guide to the rates outlook.​
  • The pair was broadly steady as markets looked ahead to partial U.S. labour data due later today and non-farm payroll figures due on Friday.​
  • Clouding the outlook further is the spread of COVID-19 Delta variant. The 7-day average of daily coronavirus cases in the U.S. surpassed the peak seen last summer, a time before COVID-19 vaccine approved.​
  • The EUR/USD continues to float along the 1.184 and 1.189 price levels, as neither buyers nor sellers appear to have the appetite to drive price action. The current range of price levels will likely float sideways and a change in price action will be facilitated by a change in fundamental factors.​
Important Levels to Watch for:​
  • Resistance line of 1.18972 and 1.19130.​
  • Support line of 1.18460 and 1.18302.​

  • The dollar traded 109.057 per yen on Wednesday, having weakened from the levels below 109.8 against the Japanese yen earlier this week, and after touching its lowest since late May overnight at 108.878.​
  • The U.S. dollar eased against the Japanese yen as questions about disappointment in economic growth. Lower Treasury yields are also weighing on the greenback.​
  • Mixed risk sentiment readings are driving investors into the safety of the Japanese yen. The yen has benefited from the dollar's softness, particularly as nerves about the spread of the Delta coronavirus variant keep a degree of caution in currency markets.​
  • The yen strength however was hampered after Japan's services sector activity shrank at a faster pace in July to contract for the 18th consecutive month, dropped to 47.4 from the previous month's 48.0 level.​
  • Bearish sentiment is driving price action which looks set to continue to break out of the current range.​
Important Levels to Watch for Today:​
  • Resistance line of 109.360 and 109.548.​
  • Support line of 108.749 and 108.560.​
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