Looking Back...and Forward

Resistence Broken, Further USD Losses?

Looking back into our last trade, shorting GBP/USD, there was a reason we didn't want to put on a full trade. The potential was there but the market decided on a weakening dollar into the new week. We were stopped out at 1.6485 a session later. Looking into this week, the USD will most likely continue to weaken as we've broken several areas of resistence for the EUR$ and GBP$ pairs.

With a lot of economic data coming out on all fronts, we'll look for a fundamentals moving the market with techs supporting. In observance of Independance Day, Saturday July 4th, U.S. markets are closed Friday. Non-Farm Payrolls will be released Thursday instead. This release will most likely set the trend for the following week.