What Should We Expect From US Non-Farm Payrolls?
Keep your eye on the US Non-Farm Payrolls today! The US Jobs Report will be released 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 farming industry employment. The US Jobs Report is so important for the upcoming Fed decisions.
Last Wednesday, the ADP Nonfarm Employment Change Number printed at 67K, large miss from the 140K expected, that was the lowest level since May.
The US dollar has shown a downward movement against the major currencies for five consecutive days as mixed comments on trade from U.S. President Donald Trump. Trump said on Wednesday that trade talks with China were going "very well," sounding more positive than on Tuesday when he said a trade deal might have to wait until after the 2020 U.S. presidential election.
Watch out for the US Non-Farm Payrolls today. US Nonfarm Payrolls is expected to see 186K jobs created after rising 128K the previous month. The Unemployment Rate is expected to stay at 3.6%. Average hourly earnings will also be significant and are expected to be 0.3% which is 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. Unemployment Rate for November is expected to stay at 5.5%.
EUR/USD: Ahead of US Non-Farm Payrolls, we will closely watch the key resistance level of 1.1114. In order for the rise to gain more power, it needs to go beyond and stay above 1.1114 on a four hourly basis. Should this occur, we will see 1.1165 as the daily resistance level. Otherwise, we will face the support level at 1.1052.
Support : 1.1052 - 1.0979 - 1.0837
Resistance : 1.1114 - 1.1165 - 1.1237
GBP/USD: Keep your eye on the 1.3136 main support level. If the pair stays above 1.3136 on a four hourly basis, the main resistance level will be at 1.3231. In contrast, if the pair drops below 1.3136, the next daily support level can be found at 1.3046.
Support: 1.3136 - 1.3046 - 1.2947
Resistance: 1.3231 - 1.3313 - 1.3392
USD/JPY: The USDJPY pair is now trading below the 108.79 support level. If the price stays below 108.79 on a four hourly basis, we will follow the daily support level at 108.52. Otherwise, if the price goes above 108.79, we will face 109.09 as the daily resistance level.
Support : 108.52 -108.14 - 107.82
Resistance: 108.79 - 109.09 - 109.39
GOLD: Focus on the main resistance level of 1478 in the Gold Price. In order for the upward movement to gain more momentum, it needs to break out and stay above 1478 on a four hourly basis. Should this occur, the next resistance level will be at 1492. Otherwise, the support level can be seen at 1466 again.
Support: 1466 - 1453 - 1440
Resistance: 1478 - 1492 - 1509
06 Dec 19 (Fri)
Important : One Billion Signals will not be liable for any losses sustained while using the services provided on the One Billion Signals application. This application is not a solicitation to trade forex signals, nor is the representation is being made that any account will, or is likely to, achieve profits or losses similar to those discussed on the application. The past performance of any trading system or methodology is not necessarily indicative of future results.
© 2020 One Billion Signals All Rights Reserved