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USD moved sharply lower yesterday, mostly against all of the major pairs including the JPY. This came despite a higher stock market in the second part of the US session.

The only pair where USD is still looking bullish at the moment is AUD/USD. We have seen a sharp reversal lower on that pair during the Asian session which is now looking impulsive, attacking 0.9433 low after only a three wave rally up to 0.9672

EURUSD and GBPUSD are the most interesting pairs for us at the moment. We can see both pairs in a sharp uptrend since yesterday and we can see some nice wave structure that signals for more gains in sessions ahead.

On both pairs we see wave four in progress that may bottom in the near-term. Support for the EURUSD comes in around 1.3200 and support for GBPUSD could be seen around 1.5450.

EURUSD 30min

EUR USD Elliott Wave Analysis June 7 2013 technical outlook for currency trading
GBPUSD 1h

GBP USD Elliott Wave Analysis June 7 2013 technical outlook for currency trading

If today would not be the Non-Farm Payrolls day,  then we would be looking for long opportunities on EURUSD. But NFP is usually a gamble, so we will stay aside, and pay attention to new opportunities next week.

Trade well!

See how to trade the Non-Farm Payrolls with EUR/USD