In forex trading, the dollar index plummeted at the beginning of the session on weaker than anticipated prints on the ADP employment and ISM non-manufacturing reports. The index identified support at the 72.72 level, before speedily paring losses to end fractionally better on the session.

The pullback had been supported by a late-day rally in stocks which closed well off the lows and also by forex traders who got rid of dollar shorts in front of tomorrow\’s rate decisions and Friday\’s employment report. The dollar is likely to continue being range bound amongst the 72.72 and 73.30 support/resistance levels.

A fast look at the majors sees the yen besting the majors contrary to the dollar as broad based declines in equities and commodities motivated risk-off trades. Tomorrow\’s event risk had investors reluctant to maintain positions in the sterling, the euro, and the neighboring swissie, all of which wrapped up flat on the day.

EUR/USD forex trading signals strategies: Yet again, the EUR/USD continues to be the range trader\’s pleasure and 1.4750-1.4900 enclosed things yet again with support on the dip arriving from the Portugal bailout validation. It appears like continuing for the next 24 hours ahead of the rate statement as traders proceed to consider higher rates but patient investors appear to be happy to wait and acquire better levels to buy.

GBP/USD forex strategy signals: As previously noted in yesterday\’s report, the split of 1.6590 generated a significantly bearish signal and on the release of worse than anticipated UK PMI which added cold water on probable rate rises tomorrow and traders vigorously dumping GBP in opposition to both USD & EUR. There seems to be support around 1.6440 nevertheless sentiment has changed to sell the rally from this point.

USD/JPY forex strategies signal: USD/JPY persists to break lower as traders continue to be happy selling on any rally. We start the Asia session mid-range and although most investors are still calling it lower, individuals not already short from higher up appear to be waiting for better levels to sell and anywhere back near 81.75 appears to be their choice.

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