Watch Out For US Non-Farm Payrolls Today

Watch Out For US Non-Farm Payrolls Today

The FOMC Meeting is behind us; Today, we will focus on the April's Non-Farm Payrolls. US Jobs Report is a significant determinant of Fed rate hike in June Meeting. The Federal Reserve left interest rates on hold last Wednesday, as widely expected. But the Fed signaled that inflation was nearing its 2% target, lining up a further rate hike at its next meeting in June. US Dollar has extended gains against all major currencies for three weeks. Recent economic data supported for US Dollar. US GDP came out at 2.3% in the first quarter which a better performance than expected. The March's inflation report showed that US Consumer Price index rose by 2.4% while underlying inflation rose 2.1% year-on-year. Additionally, ADP Nonfarm Employment Change grew by 204K in April. It was little higher than expectations, according to a report released Wednesday If we look at US Jobs Reports’s forecast; US Non-farm Payrolls is expected to 189K jobs created after rising 103K the previous month. Unemployment Rate is expected to ease to 4.0% compared to 4.1% a month ago. Average hourly earnings will be another release to be followed closely at the same time and are expected to be 0.2% lower than a previous month number of 0.3%. An upbeat employment report will point to an improving US Economy and support the US Dollar.  

Technical Analysis:
 
EURUSD: Ahead of the US Non-Farm Payrolls, the EURUSD pair is now testing the 1.1968 support level. In order for the bearish action continue, it needs to break down 1.1968 and stays below that level on a four hourly basis. In this case, the next support level can be found at 1.1884. Otherwise, If the pair stays above 1.1968, we will face daily resistance level of 1.2053
 
Support: 1.1968 – 1.1884 – 1.1812
 
Resistance: 1.2053 - 1.2109 - 1.2171
 
GBPUSD: The GBPUSD pair is trading above the 1.3536 key support level. As long as the price stays above 1.3536, on a four hourly basis, we will face 1.3651 as a daily resistance level. On the other hand, if the price breaks down 1.3536, the next support level will be at 1.3447.
 
Support: 1.3536 – 1.3447 – 1.3338
 
Resistance: 1.3651 – 1.3745 – 1.3880
 
USDJPY: The USDJPY pair found sellers from the key resistance level of 109.90 yesterday and then dropped significantly. The currency is trading below the daily resistance level of 109.35. As long as the price stays below that level on a daily basis, we will see 108.78 and 107.65 as support levels. On the other hand,  if the price moves up above 109.35, the next resistance level is given at 109.90 again.
 
Support: 108.78 – 107.65 – 106.46
 
Resistance: 109.35 - 109.90 – 110.86
 
GOLD: The Gold moved up yesterday with Iran's foreign minister comments on the nuclear deal. He said Iran will not renegotiate or accept ratification of the nuclear deal. We will focus on US Non-Farm Payrolls today. As long as the precious metal stays above that level on a daily basis, we will face resistance levels at 1319 and 1330. Although, If the price falls below 1307, the next support level will be at 1291.
 
Support:  1307 – 1291 - 1283
 
Resistance: 1319 - 1330 - 1352

09 Jul 18 (Mon)

12:36 pm



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