Pay Attention To U.S. Nonfarm Payrolls Today 

Pay Attention To U.S. Nonfarm Payrolls Today 

What Should We Expect From The U.S. Nonfarm Payrolls?

A huge day for trading, keep your eye on the U.S. Nonfarm Payrolls today! The US Jobs Report will be published at 13:30 p.m. (GMT).

Why Is This Important?

The Nonfarm Payrolls track the change in the number of people employed by the U.S. in manufacturing, construction and goods companies. It does not include farming industry employment. The U.S. Jobs Report is so important for the upcoming Fed decisions.

On Wednesday, US President Donald Trump said that Iran “appears to be standing down” after it fired a barrage of missiles at American targets in Iraq in retaliation for the U.S. killing of Gen. Qasem Soleimani. He warned Iran repeatedly to abandon its nuclear ambitions. However, he suggested that the U.S. is open to negotiations with Tehran.

US ADP Non-Farm Employment Report showed Wednesday that private sector employment increased by 202K Jobs in December. Economists had expected the report to show a gain of 160K jobs.

Yesterday, China's Liu He said to lead a 10-member delegation to Washington. The 10-member delegation is set to include China's commerce minister, the PBOC governor, and the vice-ministers of finance, agriculture and information technology. Adding that the deal signing will be set for 15 January.

Today, US Nonfarm Payrolls is expected to see 164K jobs created after rising 266K the previous month. The Unemployment Rate is expected to stay at 3.5%. 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%. A higher than expected reading will point to an improving US economy and support the greenback.

Technical Analysis:

EUR/USD: Ahead of the US Nonfarm Payrolls Data, the EURUSD pair is trading below the resistance level of 1.1114. As long as the price stays below 1.1114, on a four hourly basis, the fall may continue and we will follow the support levels at 1.1052. On the other hand, if the price rises above 1.1114, the next resistance level will be at 1.1165 again.

Support : 1.1052 - 1.0007 - 1.0965

Resistance : 1.1114 - 1.1165 - 1.1237

GBP/USD: The GBPUSD pair moved up above the 1.3046 daily support level. As long as the pair stays above 1.3046 on a daily basis, the resistance levels can be seen at 1.3136 and 1.3231. On the other hand, if the pair falls below 1.3046, the next support level is holding at 1.2947.

Support: 1.3046 - 1.2947 - 1.2838

Resistance: 1.3136 - 1.3231 - 1.3313

USD/JPY: The USDJPY pair found buyers from the 107.82 main support level and then extended gains. If the price stays above 109.39 on a four hourly basis, we will face 109.72 as the daily resistance level. Otherwise, if the price drops below 109.39, we will see the next support level at 109.09.

Support : 109.39 - 109.09 - 108.79 

Resistance: 109.72 - 110.36 - 110.93

GOLD:  Ahead of the US Jobs Report, keep your eye on the daily resistance level of 1555. In order for the upward movement to continue, it needs to rise and sustain above 1555 on a daily basis. Otherwise, if the price breaks down the 1540 main support level, the next support level will be at 1524.

Support: 1540 - 1524 - 1509

Resistance: 1555

10 Jan 20 (Fri)

06:39 am

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