Get Ready For U.S. Nonfarm Payrolls Today 

Get Ready For U.S. Nonfarm Payrolls Today 

Get Ready For U.S. Nonfarm Payrolls Today

We will closely watch 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.

Risk appetite firmed across global financial markets. We are focusing the outcome of the US presidential election. While a winner is yet to be officially declared as votes continue to be counted, data from betting markets hints that the likelihood of a victory for former Vice President Biden has solidified in the minds of investors.

Yesterday, FOMC leaves the policy interest rate and pace of asset purchases unchanged. This was widely expected with the US central bank likely opting to stay sidelined this meeting in light of the November 2020 election. Fed Chair Powell said we are strongly committed to using our tools and more can be done if needed

This week's data also showed US private-sector job creation ease to 365K above the expectation of 650K. 

US Nonfarm Payrolls are expected to ease 600K in October from 661K. The Unemployment Rate is expected to drop to 7.6% from 7.9%. Average hourly earnings will also be significant and are expected to come out 4.6%, year on year basis.

Technical Analysis: 

EUR/USD: The EURUSD pair showed an upward movement and moved up above the 1.1819 daily support level. If the pair stays above 1.1819 on a daily basis, the rise may continue and we will see the resistance levels at 1.2046 and 1.2214. On the other hand, if the price drops below 1.1819, the next support level will be at 1.1744.

Support : 1.1819 - 1.1744 - 1.1658

Resistance : 1.2046 - 1.2214 - 1.2391

GBP/USD: Ahead of the U.S. Nonfarm Payrolls, the GBPUSD pair is now trading below the main resistance level of 1.3136. If the pair stays below 1.3136, we will see 1.3046 as a support level. Otherwise, if the price rises above 1.3136, the next resistance level can be seen at 1.3231

Support: 1.3046 - 1.2992 - 1.2947

Resistance: 1.3136 - 1.3231 - 1.3313

EUR/JPY:  The EURJPY pair is now trading a daily level of 122.37. As long as the price stays above 122.37, on a daily basis, we will follow 123.14 as resistance level again. On the other hand, if the price drops below 122.37, the next support level can be seen at 121.59.

Support : 122.37 - 121.59 - 120.75

Resistance : 123.14 - 124.24 - 125.07

GOLD: Gold showed an upward movement as it appeared increasingly likely that U.S. presidential candidate Joe Biden would become the next U.S. president.

Keep your eye on the 1932 main support level in the Gold Price. As long as the price stays above 1932, on a daily basis, we will see the main resistance level at 1964. On the downside, if the price breaks down below 1932, the next support level will be at 1904.

Support: 1932 - 1904 - 1873

Resistance: 1964 - 1995 - 2032

06 Nov 20 (Fri)

07:30 am

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