A Huge Day For USD, Focus On The US Non-Farm Payrolls

A Huge Day For USD, Focus On The US Non-Farm Payrolls

A Huge Day For USD, Focus On The US Non-Farm Payrolls

Watch out for the US Non-Farm Payrolls today. It will be announced 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. 

Tensions between China and the U.S. eased this week. Washington and Beijing agreed to hold high-level talks next month.  China's Commerce Ministry said its trade team will lay the groundwork with their U.S. counterparts in mid-September for the October talks.

Yesterday, ADP reports showed that employment in the private sector in August increased by 195K following July's 142K. The ADP figures are ahead of the more comprehensive Today’s government payrolls report

US Nonfarm Payrolls is expected to see 160K jobs created after rising 164K the previous month. The Unemployment Rate is expected to stay at 3.7%. Average hourly earnings will also be significant and are expected to be 0.3% the same as the previous month's number of 0.3%. An upbeat employment report will point to an improving US economy and support the greenback.

Addition to US Jobs Report, we will focus on the Fed Chair Powell’s speech and Eurozone second-quarter economic growth today. The Eurozone GDP is expected to stay at an annualized rate of 1.1%

Powell will give a speech titled "Economic Outlook and Monetary Policy" at an event hosted by the Swiss Institute of International Studies, in Zurich. 

Technical Analysis:

EUR/USD: Ahead of the US Jobs Report, the EURUSD pair is trading below the daily resistance level of 1.1052. In order for the upward movement to continue, it needs to go beyond and stay above 1.1052 on a daily basis. At this point, we will see 1.1114 as the next resistance level. Otherwise, the rise may be limited and we will follow support level at 1.0979 
 
Support: 1.0979 - 1.0837
 
Resistance: 1.1052 - 1.1114 - 1.1165

GBP/USD: The Sterling has extended gains as lawmakers take control of Parliament and fears of a no-deal Brexit eased. Focus on the daily resistance level of 1.2364. In order for the GBPUSD rise to gain more momentum, it needs to break out and stay above 1.2364 on a daily basis. Should this occur, we will watch the 1.2428 resistance level. Otherwise, the support levels can be seen at 1.2286 and 1.2205. 

Support: 1.2286 - 1.2205 - 1.2110 

Resistance: 1.2364 - 1.2428 - 1.2502

USD/JPY: The USDJPY pair is trading above the key support level of 106.98. As long as the pair sustains above 106.98 on a four hourly basis, the upward movement may continue and we will see the resistance level at 107.22 again. On the other hand, if the pair fall back below 106.98, the next support level will be placed at 106.72.

Support: 106.98 - 106.72 - 106.41

Resistance: 107.22 - 107.52 - 107.82

GOLD: The Gold price found sellers from the 1555 daily resistance level and then showed a downward movement this week. The yellow metal price is now trading below the 1509 key level. As long as the price stays below 1509, on a four hourly basis, we will see 1492 as a daily support level. On the other hand, if the price moves up above 1509, the next resistance level will be at 1524.

Support: 1492 - 1478 - 1466

Resistance: 1509 - 1524 - 1540

06 Sep 19 (Fri)

07:13 am



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