A Huge Day For USD; Pay Attention To US Non-Farm Payrolls!

A Huge Day For USD; Pay Attention To US Non-Farm Payrolls!

All eyes will be on the US Non-Farm Payrolls today! The US Jobs Report will be released at 12:30 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 farming industry employment. The US Jobs Report is so important for the upcoming Fed decisions.
 
In the last meeting, the Federal Reserve kept interest rates unchanged and signaled it was ready to lower interest rates to combat growing global and domestic risks. Now, Fed Fund futures highlight 100% probability for at least a 25 basis points rate cut at the next rate decision on July 31.
 
Last Wednesday,  the ADP Nonfarm Employment Change Number printed at 102k, which is below the 140K reading expected. 
 
US Nonfarm Payrolls is expected to see 160K jobs created after rising 75K the previous month. The Unemployment Rate is expected to stay at 3.6% that is its lowest level since December 1969. 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.
 
In addition to US Jobs Report, we will also focus on Canada Unemployment Rate today. It is expected to rise to 5.5% in June from 5.4%.

Technical Analysis:

EUR/USD: Ahead of US Non-Farm Payrolls, we will closely watch the key resistance level of 1.1285. As long as the EURUSD pair stays below 1.1285 on a four hourly basis, we will follow the key support level at 1.1219. On the other hand, if the pair rises above 1.1285, the daily resistance level will be located at 1.1355.
 
Support:  1.1219 - 1.1103 
 
Resistance: 1.1285 - 1.1355 - 1.1450 

GBP/USD: The GBPUSD pair has been falling for two weeks. If the Bearish action continues, we will face the key support level at 1.2528. On the other hand, if the pair shows an upward movement, the key resistance level can be seen at 1.2606.
 
Support:  1.2528 - 1.2395
 
Resistance: 1.2606 - 1.2667 - 1.2723

USD/JPY: The USDJPY pair moved up above the 107.70 main support level. As long as the pair stays above 107.70, on a four hourly basis, the daily resistance level can be found at 108.49. In contrast, if the price drops below 107.70, the next support level can be found at 106.72.
 
Support : 107.70 - 106.72 
 
Resistance :108.49 - 108.95 - 109.57

GOLD: Focus on the 1414 main support level in the precious metal price.  If the price stays above 1414 on a four hourly basis. the major resistance level can be seen in 1451. Otherwise, If the price drops below 1414, the daily support level will be at 1391.
 
Support:  1414 - 1391 - 1364 
 
Resistance: 1451 - 1483

05 Jul 19 (Fri)

07:16 am



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