FOREX Trading Signals for July 3rd

EUR/USD
The EUR/USD pair fell during the session on Wednesday, testing the 1.3650 handle. That level of course was a resistance area, and breaking above it was significant as well. The fact that we are starting to find a little bit of support here suggests that perhaps the Euro is ready to continue going higher. However, we need to see a break above the 1.3750 level in order to be comfortable buying. As far selling is concerned, we have no action doing so at the moment as it is much easier initially Euro against the Pound at the moment.
USD/JPY
The USD/JPY pair initially fell during the session on Wednesday, but as you can see found enough support near the 101.50 level to turn things back around and go higher. This was partially helped by the ADP employment report, which suggests that perhaps the nonfarm payroll number today will be strong. However, this pair is very sensitive to the nonfarm payroll number so it’s likely that this market will be very difficult to trade. Pullbacks should be looked at as potential buying opportunities, as the market certainly looks like it’s got plenty of support just below.
GBP/USD
The GBP/USD pair went slightly higher during the session on Wednesday, but looks as if it’s trying to build up enough steam to go higher. The markets been rather strong recently, so it’s interesting to see how it may or may not be able to continue going higher. The market has certainly broken out to the upside, so we are not willing to sell. We think the pullbacks will be buying opportunities, and will treat them as such as the break above the 1.7050 level was of course significant. We believe that this market is on its way to the 1.75 level, so we are more than willing to continue to buy every time it dips.
AUD/USD
The AUD/USD pair fell significantly during the session on Wednesday, taking back most of the gains from the Tuesday session. This being the case, the market looks as if it’s trying to find support at the site of the initial breakout from the ascending triangle that we had been in. With that, we are looking for supportive candles in order to start buying but recognize that the nonfarm payroll numbers will certainly have a massive effect on what happens. The true longer-term breakout would be on a move above the 0.95 handle, so if you are more inclined to trade longer-term charts, you will see that a close above that level should be a nice opportunity to buy.
Currency Data for 03^rd July

Time	Currency	Impact	Particular	Forecast	Previous
4:56am	AUD		AIG Services Index		49.9
6:28am	CNY	High	Non-Manufacturing PMI		55.5
6:30am	AUD	High	RBA Gov Stevens Speaks
7:00am	AUD	High	Building Approvals m/m	3.10%	-5.80%
	AUD	High	Retail Sales m/m	0.00%	-0.10%
7:15am	CNY		HSBC Services PMI		50.7
9:15am	JPY		10-y Bond Auction		0.61|3.7
12:45pm	EUR		Spanish Services PMI	56.3	55.7
1:15pm	EUR		Italian Services PMI	52.3	51.6
1:30pm	EUR		Final Services PMI	52.8	52.8
2:00pm	GBP	High	Services PMI	58.1	58.6
	GBP		Housing Equity Withdrawal q/q	-10.2B	-10.6B
2:30pm	EUR		Retail Sales m/m	0.30%	0.40%
Tentative	EUR		French 10-y Bond Auction		1.96|1.7
5:00pm	USD		Challenger Job Cuts y/y		45.50%
5:15pm	EUR	High	Minimum Bid Rate	0.15%	0.15%
6:00pm	CAD	High	Trade Balance	-0.3B	-0.6B
	EUR	High	ECB Press Conference
	USD	High	Non-Farm Employment Change	214K	217K
	USD	High	Trade Balance	-45.1B	-47.2B
	USD	High	Unemployment Claims	314K	312K
	USD	High	Unemployment Rate	6.30%	6.30%
	USD		Average Hourly Earnings m/m	0.20%	0.20%
7:15pm	USD		Final Services PMI	61.1	61.2
7:30pm	USD	High	ISM Non-Manufacturing PMI	56.2	56.3
8:00pm	USD		Natural Gas Storage	100B	110B