Forex Technical Update 9.2.2010 - A Look at US Dollar Crosses Ahead of Non-Farm Payroll

The USD appears to be in consolidation or correction mode. The EUR/USD is in correction mode, looking to retrace 50% of the decline since the last Non-Farm payroll release. The GBP/USD however is consolidating and the USD has a slight edge. The USD/JPY is consolidating as well, but the pressure here is bearish. The AUD/USD may actually have taken a bullish stance, and the USD/CAD is consolidating after failing to break resistance at 1.0670, but also failing to break below short-term range support at 1.05. Let's take a closer look.