Focus 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 dollar stay strong this week, as a surge in energy prices raised the risk that the U.S. Federal Reserve would act sooner to normalise policy.
The Federal Reserve has said it is likely to begin reducing its monthly bond purchases as soon as November and follow up with interest rate increases potentially next year, as the U.S. central bank's turn from pandemic crisis policies gains momentum
The number of Americans filing new claims for jobless benefits fell last week, but layoffs increased from a 24-year low in September in part as hospitals fired unvaccinated staff and lack of workers forced closures of facilities.
Looking ahead, US Nonfarm Payrolls are expected to rise 500K in September from 235K in the previous month. The Unemployment Rate is expected to drop to 5.1% from 5.2%. Average hourly earnings are expected to come out 4.6%, year on a year basis.
EURUSD: The EURUSD pair moved down below the 1.1589 main resistance level. As long as the EURUSD pair stays below 1.1589, on a four-hourly basis, we will follow 1.1507 as the support level. On the upside, if the price rises above 1.1589, the next resistance level will be at 1.1658.
Support: 1.1507– 1.1421 -1.1365
Resistance: 1.1589 – 1.1658– 1.1744
GBPUSD: Focus on the 1.3599 key support level in the GBPUSD pair. As long as the pair stays above 1.3599, on a daily basis, we will follow the 1.3688 resistance level. Otherwise, if the price drops below 1.3599, the next resistance level will be at 1.3517.
Support: 1.3599 - 1.3517 - 1.3392
Resistance: 1.3688 - 1.3784 - 1.3883
USDJPY: The USDJPY pair moved up above the 111.52 main support level. As long as the price stays above 111.52 on a daily basis, we will face 112.16 as the main resistance level. Otherwise, if the price drops below 111.52, we will follow the next support level at 110.93.
Support : 111.52 - 110.93 - 110.36
Resistance: 112.16 - 112.59 - 112.89
GOLD: The GOLD price is trading below the 1763 key resistance level. As long as the price stays below 1763, on a four-hourly basis, we will see the daily support level at 1745. On the upside, if the price moves up above 1763, the next support level will be at 1785.
Support: 1745 - 1736
Resistance: 1763 - 1785 - 1805
08 Oct 21 (Fri)
04:34 am
