Get Ready For US Nonfarm Payrolls This Week!
The US Dollar traded higher against major currencies last week after upbeat reading for U.S. gross domestic product. The U.S. economy had grown by an annualized 2.6% in the fourth quarter and by over 3% for the full year for the first time since 2005.
Looking ahead, all eyes will be on the ECB Monetary Policy and the US Job Reports this week.
The ECB is expected to keep interest rates at their current record low levels on Thursday. President Mario Draghi will hold a press conference after the rate announcement. The ECB will also release updated growth forecasts and economic projections.
US Nonfarm Payrolls is expected to see 180K jobs created after rising 304 K the previous month. The Unemployment Rate is expected to drop to 3.9% from 4.0%. Average hourly earnings will also be significant and are expected to be 0.3% higher than the previous month's number of 0.1%. An upbeat employment report will point to an improving US Economy and support the greenback.
Moreover, The Fed Chair Jerome Powell will speak on Friday about monetary policy normalization at the Stanford Institute for Economic Policy Research Economic Summit, in California.
We will focus on the 1.1355 daily support level in the EURUSD pair. As long as the EURUSD pair stays above 1.1355 on a daily basis, the Euro may gain more value versus the US Dollar. At this point, we will see 1.1450 as a resistance level. On the other hand, if the price breaks down 1.1355, the key support level can be found at 1.1285.
Support: 1.1355 - 1.1285 - 1.1219
Resistance: 1.1450 - 1.1554 - 1.1648
The GBPUSD pair closed last week below the 1.3217 daily resistance level. As long as the price stays below 1.3217 on a daily basis, the downward movement may continue and we will see the key support level at 1.3152. On the other hand, if the pair moves up above 1.3217, the next resistance level can be found at 1.3290 again.
Support: 1.3152 - 1.3055 - 1.2994
Resistance: 1.3217 - 1.3290 - 1.3365
The USDJPY pair showed an upward movement and close last week above the key level of 111.85. As long as the pair sustains above 111.85 on a four hourly basis, the rise may continue and we will face 112.36 as a daily resistance level. On the other hand, if the price moves down below 111.85, the daily support level can be seen at 111.18
Support: 111.85 - 111.18 - 110.35
Resistance: 112.36 - 112.98 - 112.97
The Gold Price fell significantly last week as US GDP data lifted the US Dollar and bond yields. However, as long as the price stays above 1291, on a daily basis, the fall may be limited and we will see the resistance level at 1305. On the other hand, if the price breaks down in 1291, the next support level will be at 1278.
Support: 1291 - 1278 - 1266
Resistance: 1305 - 1316 - 1327
03 Mar 19 (Sun)
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