Watch Out For The US Non-Farm Payrolls Today

Watch Out For The US Non-Farm Payrolls Today

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.

The US Dollar remained strong this week, near multi-month highs amid expectations of strong U.S. economic growth, helped by more fiscal stimulus and an accelerating vaccine rollout. 

U.S. President Joe Biden unveiled his long-awaited $2 trillion-plus infrastructure rebuilding plan on Wednesday, injecting more funds into the U.S. economy after he recently approved $1.9 trillion coronavirus relief package.

Last Wednesday, The ADP report showed U.S. private payrolls increased by 517K jobs last month, which is expected to show another increase of around 650K payrolls in March.

US Nonfarm Payrolls are expected to rise 647K in March from 379K. The Unemployment Rate is expected to drop to 6.0% from 6.2%. Average hourly earnings are expected to come out 4.5%, year on a year basis.

Technical Analysis: 

EUR/USD: Ahead of US Nonfarm Payrolls, the EURUSD pair is now above the 1.1744 main support level. If the pair stays above 1.1744, on a four-hourly basis, we will see 1.1819 as a resistance level. On the downside, if the price drops below 1.1744, we will follow the next support level at 1.1658.

Support: 1.1744 - 1.1658 - 1.1589

Resistance : 1.1819 - 1.1867 - 1.1919

GBP/USD: The GBPUSD pair moved up above the daily support level of 1.3784. As long as the price stays above 1.3784 on a four-hourly basis, we will see 1.3883 as the resistance level. Otherwise, if the pair drops below 1.3784, we will follow the next support level at 1.3688
 
Support: 1.3784 - 1.3688 - 1.3599

Resistance: 1.3883 - 1.4005 - 1.4329

USD/JPY:  Focus on the main resistance level of 110.93. As long as the price stays below 110.93, on a daily basis, the rise may pause and we will follow 110.36 and 109.72 as a support level. On the other hand, if the price goes beyond 110.93, the key resistance level can be found at 111.52.

Support : 110.36 - 109.72 - 10939

Resistance : 110.93 - 111.52 - 112.16

EURGBP: The EURGBP pair is now trading above the 0.8488 daily support level. As long as the pair stays above 0.8488 on a daily basis, we will see the resistance levels at 0.8535 and 0.8626. On the other hand, if the price drops below 0.8488, the next support level will be at 0.8433.

Support: 0.8488 - 0.8433 - 0.8373

Resistance: 0.8533 - 0.8626 - 0.8664

02 Apr 21 (Fri)

05:57 am



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