Focus On US Non-Farm Payrolls Today

We will closely watch the 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.

Russia invasion of Ukraine is the biggest assault on a European state since World War Two. The West slapped sanctions and cut some Russian banks from the global SWIFT network.

The U.S. dollar remained strong, while the euro traded near a 21-month low, with the war in Ukraine likely to weigh on European growth while the Federal Reserve lines up interest rate hikes. 

Federal Reserve Chair Jerome Powell said on Wednesday the central bank would begin carefully raising interest rates at its upcoming March meeting but be ready to move more aggressively if inflation does not cool as quickly as expected.

US Nonfarm Payrolls are expected to ease to 450K in February from 467K in the previous month. The Unemployment Rate is expected to be at 3.9%. Average hourly earnings are expected to come out 5.8%, year on a year basis.

EUR/USD: The EURUSD pair moved down below the 1.1052 main level. As long as the pair stays below 1.1052, on a four-hourly basis, we will see 1.1007 as the support level. On the upside, if the price rises above 1.1052, the next resistance level will be at 1.1114.

Support: 1.1007 - 1.0964

Resistance: 1.1052 - 1.1114 - 1.1165

GBP/USD: Focus on the 1.3313 main support level in the GBPUSD pair. As long as the pair stays above 1.3313, on a four hourly basis, we will follow 1.3392 resistance level. Otherwise, if the price drops below 1.3313, the next resistance level will be at 1.3231.

Support: 1.3313 - 1.3231

Resistance: 1.3392 - 1.3517 - 1.3599

EUR/JPY: Pay attention to 127.52 main resistance level in the EURJPY pair. As long as the currency stays below 127.52 on a daily basis, we will watch the support level at 126.69. On the other hand, If the pair rises above 127.52, the next resistance level is holding at 128.39.

Support: 126.69

Resistance: 127.52 - 128.39 - 129.33

GOLD: The Gold price rose above the 1932 main support level. As long as the price stays above 1932 on a four-hourly basis, we will see resistance level at 1964. On the downside, if the price breaks down below 1932, the next support level will be at 1904. 

Support: 1932 - 1904 - 1873

Resistance: 1964 - 1995

04 Mar 22 (Fri)

05:31 am