Pay attention to 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 crept higher on Friday but struggled to recoup its losses after falling by its sharpest pace in two weeks, as investors remained on tenterhooks ahead of U.S. jobs data and amid growing worries about a recession.
Investors await the key U.S. nonfarm payrolls report due at 1230 GMT, which will provide hints of how the U.S. economy is faring. Economists expect an increase of 250,000 jobs for the month of July, after 372,000 were added in June
EURUSD: As long as the EURUSD pair trades above 1.0083, on a four-hourly basis, we will see 1.0351 as a resistance level. On the other hand, if the price drops back below 1.0083, the next support level can be seen at 0.9914
Support: 1.0083 - 0.9914
Resistance: 1.0351 -1.0496
GBPUSD: On Thursday, the BoE raised its benchmark rate by half a percentage-point to 1.75%, the highest since late 2008, but warned about a long recession ahead in Britain.
As long as the GBPUSD pair stays below 1.2159, on a four-hourly basis, we will see a 1.2010 main support level. Otherwise, if the price goes beyond 1.2159. the next level will be at 1.2306.
Resistance: 1.2159 - 1.2306 - 1.2380
USDCAD: China deployed scores of planes and fired live missiles near Taiwan on Thursday in its biggest drills in the Taiwan Strait, a day after U.S. House of Representatives Speaker Nancy Pelosi made a solidarity trip to the self-ruled island.
As long as the USDCAD price stays above 1.2864, the daily resistance level can be seen at 1.2942. On the other hand, If the price drops below 1.2864, we will see the support level at 1.2772
Support: 1.2864 - 1.2772 - 1.2536
GOLD: Taiwan's defence ministry said it scrambled jets to warn away 22 Chinese fighter aircraft that crossed the Taiwan Strait median line into its air defence zone, and said troops fired flares late on Thursday to drive away four drones that flew above the area of its Kinmen islands, off the southeastern coast of China.
As long as the GOLD price stays above 1785 on a four-hourly basis, we will see the daily resistance level at 1805. On the downside, if the price breaks down below 1785, the next support level will be at 1763
Support: 1785 - 1763 - 1745
Resistance: 1805 - 1829
05 Aug 22 (Fri)