Kickstart the FX trading day for Sept 5 w/a technical look at EURUSD, USDJPY and GBPUSD

In the Kickstart video for September 5, I take a look at the three major currency pairs from a technical perspective – the EURUSD, USDJPY and GBPUSD.

The dump of data this morning gave a mixed picture with the ADP employment change coming in below 100K the first time three years (weak). On the other side, the initial jobless claims and continuing claims were a bit stronger than expectations while the productivity increased from preliminary Q2 data, with unit labor costs increasing, which is a good trend.

Yields are still lower and stocks are still lower in premarket trading, but off the lowest level.

US dollar also moved lower initially after the ADP report, but snapped back higher after the claims/productivity data.

The video above will outline the technical levels in play on the up and down (or down and up) price action seen so far in the 3 major currency pairs – along with the key barometers in the short term for bulllish and bearish tilts – as traders ponder the risks from the US jobs report tomorrow at 8:30 AM ET and whether they want to be in or out.

This article was written by Greg Michalowski at www.forexlive.com.