We will closely watch 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.
US Economy added 978,000 private payroll jobs in May, the most in nearly a year. The labor market continues to gain steam as remaining pandemic restrictions are eased and more fully-vaccinated Americans look to resume travel and socializing.
Initial claims in regular state programs decreased by 20,000 to 385,000 in the week ended May 29. US Jobless Claims dropped below 400,000 for first time in pandemic
US Nonfarm Payrolls are expected to rise 650K in May from 266K. The Unemployment Rate is expected to drop to 5.9% from 6.1%. Average hourly earnings are expected to come out 1.6%, year on a year basis.
Moreover, focus on Canada Unemployment Rate The Unemployment Rate is expected to rise to 8.2% in May from 8.2% the previous month data.
EURUSD: The EURUSD pair showed a downward moment below 1.2169 main resistance level. As long as the price stays below 1.2169, we will see the support levels at 1.2093 and 1.2046 . On the upside, if the price goes beyond 1.2169, the daily resistance level can be found at 1.2214.
Support : 1.2093 - 1.2046 - 1.1944
Resistance 1.2169 - 1.2214 - 1.2269
GBPUSD: The GBPUSD pair moved down below the 1.4130 main resistance level. As long as the price stays below 1.4130 on a four hourly basis, we will follow 1.3999 as the main support level. Otherwise, if the pair goes beyond 1.4130, we will follow the next resistance level at 1.4277.
Support: 1.3999 - 1.3880
Resistance: 1.4130 - 1.4277 - 1.4408
USDJPY: The USDJPY pair is now trading below the 110.36 major resistance level. As long as the pair stays below 110.36 on a daily basis, we will watch the support levels at 109.72. And 109.39. On the other hand, if the price goes beyond 110.36, the next resistance level will be placed at 110.93.
Support: 109.72 - 109.39 - 109.09
Resistance: 110.36 - 110.93
GOLD: Pay attention to the 1873 major resistance level in the Gold Price. As long as the price stays below 1873, on a four hourly basis, we will face 1854 as a daily support level. Otherwise, if the price rises above 1873, the next resistance level can be found at 1904.
Support: 1854 - 1829 - 1805
Resistance: 1873 - 1904 - 1932
04 Jun 21 (Fri)