All Eyes Will Be On U.S. Nonfarm Payrolls Today 

All Eyes Will Be On U.S. Nonfarm Payrolls Today 

Pay attention to 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.

The US Dollar rose sharply after Powell’s comments at the Wall Street Journal jobs summit yesterday. Powell said the sell-off in Treasuries during the past week was notable and caught my attention but was not disorderly or likely to push long-term rates so high as to warrant a more forceful Fed intervention. 

Powell said the central bank’s commitment to maintaining its ultra-easy monetary policy until the economy is very far along the road to recovery.

This week's data showed US private-sector job creation rose to 117K below the expectation of 177K. 

US Nonfarm Payrolls are expected to rise 165K in February from 49K. The Unemployment Rate is expected to stay at 6.3%. Average hourly earnings are expected to come out 5.3%, year on a year basis.

Technical Analysis: 

EUR/USD: The US Dollar extended gains versus the Euro yesterday. If the EURUSD pair stays below 1.1994, on a four-hourly basis, we will follow 1.1919 as a support level. Otherwise, if the price rises above 1.1994, the next resistance level will be at 1.2046.

Support: 1.1919 - 1.1867 - 1.1819

Resistance : 1.1994 - 1.2046 - 1.2093 

GBP/USD: The GBPUSD pair is currently trading above the main support level of 1.3883. As long as the price stays above 1.3883 on a four-hourly basis, we will see 1.4005 as the resistance level. Otherwise, if the pair drops below 1.3883, we will follow the next support level at 1.3784.
 
Support: 1.3883 - 1.3784 - 1.3688 

Resistance: 1.4005 - 1.4329 

USD/JPY: The USDJPY pair hit the main resistance level of 108.14. However, as long as the price stays below 108.14, on a daily basis, the rise may pause and we will follow 107.82 as a support level. On the other hand, if the price goes beyond 108.14, the key resistance level can be found at 108.52

Support : 107.82 - 107.52 - 107.22
 
Resistance : 108.14 - 108.52 - 108.79

GOLD: The Gold price is trading below the 1698 key resistance level. As long as the price stays below 1698, on a four-hourly basis, the selling pressure may continue and we will see 1684 as a daily support level. Otherwise, if the price rises above 1698, the next daily resistance level can be found at 1711.

Support: 1684 - 1667 - 1650

Resistance: 1698 - 1711 - 1722

05 Mar 21 (Fri)

06:57 am