Hungry eyes on US Dollar.

A New Year trading week started with a strengthening of a greenback but overall from the end of 2010 US Dollar weakened against most of the currencies on end of the year take profits. Now trading EUR/USD at 1.3280, USD/JPY at 81.30 and GBP/USD at 1.5485. While most of the trading world is still waking up from long celebrations, this week hoping traders to receive new and positive news from US economy, when markets will be focusing on release of US ISM Manufacturing index today at 15:00 GMT, Fed Releases Minutes from Dec. 14 FOMC Meeting tomorrow and most important on Friday - US Change in Non-farm Payroll and unemployment rate for December. For the lovers of Canadian trading – investors will be waiting for a results of Net Change in Employment also on Friday. In overall till receiving a fresh data, its looks like a main pairs still will be trading in a short technical range, so keep on follow on important support and resistance on hourly and daily charts – it works for us in all December.

Technical Levels

EUR/USD

21 day MA support is on 1.3220 and resistance on 1.3425 might hold daily range trade. MACD after negative cross strengthening bearish momentum, while RSI is close to his oversold levels but with no strong movement for rebound.



USD/JPY

The main trend is down and the secondary from December is supporting pair for a new lows, but a strong support of 80.90 and 80.50 is still in place, so upward correction may take a place soon. MACD can not break a positive cross line from mid December and together with RSI pointing upwards with no strong momentum.



GBP/USD

Daily trend is down, but most of the indicators showing the pair trading in the neutral levels. MACD pointing down after bearish cross but in positive levels. RSI also pointing lower in neutral levels.