The ADP and ISM leading indicators employment, published last week, have not identified the trend, taking into consideration the manufacturing sector employment decrease as well as the ADP data output at the level of 169 thousand.
However, it is not necessary that the traders will actively sell the US dollar. Firstly, the labor force growth by 200 thousand per month is a positive factor for the US economy. Secondly, the debt and the commodity markets dynamics indicate the bullish sentiment predominance within the US dollar.
The price is finding the first support at 1.1150, the next one is 1.1050. The price is finding the first resistance at 1.1260, the next one is at 1.1450.
There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive territory. The price is correcting.
The approach to the level of 1.1260 may lead to a price rebound down. The potential rebound targets are the support levels of 1.1150, 1.1050.Publication source