Pay Attention For US Nonfarm Payrolls
All eyes will be on the US Job Reports today. It will be announced at 13:30 p.m. (GMT).
Why Is This Important?
The Non-Farm Payrolls track the change in the number of people employed by the US in manufacturing, construction and goods companies. It does not include the farming industry employment. It is a significant determinant of a Fed rate hike in the December’s Decision.
The Federal Reserve raised interest rates by a quarter point in their December’s Meeting. However, the Fed reduced their 2019 median forecast for interest rates to 2.9% from a previous estimate of 3.1%, hinting at two rate hikes in 2019. That's below the three rate hikes previously indicated in the Fed's September projections.
The ADP Nonfarm Employment Change came out higher than the estimate and previous month’s number and it rose to 271K
US Nonfarm Payrolls is expected to see 178K jobs created after rising 155K the previous month. The Unemployment Rate is expected to stay at 3.7% a 49-year low. Average hourly earnings will also be significant and are expected to be 0.3% higher than the previous month's number of 0.2%
An upbeat employment report will point to an improving US Economy and support the greenback.
EURUSD: Ahead of US Nonfarm Payrolls, the EURUSD pair is currently trading above the 1.1367 daily support level. As long as the price sustains above 1.1367, on a daily basis, the rise may continue and we will watch resistance levels at 1.1446. In contrast, if the pair drops below 1.1367, the next support level is holding at 1.1262.
Support : 1.1367 - 1.1262 - 1.1227
Resistance : 1.1446 - 1.1483 - 1.1531
GBPUSD: The GBPUSD pair is trading above the key level of 1.2624. If the price is able to sustain above 1.2624 on a four hourly basis, the upward movement may continue. In this case, we will see 1.2712 as a daily resistance level. However, if the price falls below 1.2624, the next support level can be seen at 1.2494.
Support: 1.2624 - 1.2494 - 1.2414
Resistance: 1.2712 - 1.2845 - 1.2961
USDJPY: The USDJPY pair is trading above 107.65. If the price is able to sustain above 107.65 on a four hourly basis we will face the daily resistance level of 108.56. Moreover, In order for the bullish action to continue, it needs to break out 108.56. Although, if the price drops below 107.65, the next support level will be placed at 106.46.
Support: 107.65 - 106.46 - 105.04
Resistance: 108.56 - 109.35 - 109.90
GOLD: The Gold price is trading above the 1291 major support level. As long as the precious metal stays above 1291, on a four hourly basis, the bullish action may continue and we will follow resistance levels at 1307. On the other hand, if the price drops below 1291, the support level can be found at 1283.
Support: 1291 - 1283 - 1276
Resistance: 1307 - 1319 - 1330
04 Jan 19 (Fri)
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