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August 5, 2022

Our Best USD Setups For Next Week

Frank Cabibi

After Non-Farm Payroll numbers came out, we are seeing some higher bullishness on the dollar. Actual beat the forecast of 372K jobs expected. Here is why the dollar is stronger and which pairs have the best USD setups going into next week.

Staying the Course

The Fed has more breathing room to raise rates now that jobs numbers are increasing. Less concern over contractions and layoffs has finally showed relief in the market. This unexpected jump in employment figures was a very bullish indicator for the economy and dollar strength.

best USD setups
https://www.forexfactory.com/calendar?week=jul31.2022#graph=122944

Powell has already pointed towards higher rates later this year. He also stated that investors should be expecting 50-75 basis point hikes, and the latest NFP made this statement more concrete.

Best USD Setups

GBP/USD

best USD setups

GU broke under a clean support level on the 4H and 1D before testing the long term falling trend line. Lower lows suggest more downside while dollar strength increases. Price could bounce from here, but momentum might not be strong enough to take it much higher.

AUD/USD

best USD setups

AUDUSD is in a similar boat as the pound and is showing more pressure towards the downside. On the 1D, price came down to test support on a falling trend line while there is an additional level right below that. Lower lows also suggests more downside for the pair.

USD/JPY

best USD setups

UJ fell back onto clean support on the 1D timeframe and took off from there. Price's recent jump into the 135s might look like the gains have run its course, but we may end up seeing a test around the 138-140s in next week's trading sessions due to the break above the trend line again and a higher high.

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