08 May 2020

Canadian Employment Report: Friday, 12:30. Analysts had warned that March job numbers would be bad, but the loss of 1.0 million jobs was much worse than the estimate of a loss of 427 thousand. The April forecast is a staggering 5.0 million. Investors will be hoping for an improvement in the April release. The unemployment rate jumped to 7.8%, above the estimate of 7.4%. The reading was sharply higher than the previous reading of 5.6 percent. Analysts are projecting a sharp rise in unemployment, with an estimate of 20.0 percent.

U.S. Employment Report: Friday, 12:30. The April numbers are expected to be a disaster, with nonfarm payrolls projected to come in at -21 million. The unemployment rate is expected to soar to 16.0 percent.

USD
U.S. Employment Report

CAD
Canadian Employment Report

  • EURUSD

Update: Target has been hit. As could be seen on the chart above that the pair is traded above a strong support level that is 1.0800. Therefore, we are bullish as long as the pair is trading above it. Our first target is 1.0875. On the other hand, if the pair breached the level 1.0800. We can go short targeting the level of 1.0730.

Resistance levels: Support levels: Recommended:
▪ 1.0950
▪ 1.0900
▪ 1.0875
▪ 1.0800
▪ 1.0730
▪ 1.0700
We are bullish as long as the pair is trading above the level of 1.0800.
  • GBPUSD

Update: Target has been hit. The chart above shows that the pair is about reaching a strong support level that is 1.2320. If the pair shows up bullish evidence above it, we can go long targeting the level of 1.2400. On the other hand, if the level of 1.2320 is broken, then the pair might continue going downwards to reach the level of 1.2220.

Resistance levels: Support levels: Recommended:
▪ 1.2450
▪ 1.2430
▪ 1.2400
▪ 1.2320
▪ 1.2300
▪ 1.2220
Waiting for the pair to confirm its next movement.
  • GOLD

Update: We almost reached our final target at 1719. Therefore, we are bullish First target 1720. The chart above shows that the pair is trading within a symmetrical triangle. Therefore, we will be waiting for the pair to reach the downside. In case it shows up bullish evidence above it, we can go long targeting the level of 1700.

Resistance levels: Support levels: Recommended:
▪ 1720
▪ 1710
▪ 1700
▪ 1700
▪ 1690
▪ 1680
We are bullish as long as the pair is trading above the downside of the pattern.
  • AUDUSD

Update: No changes. The chart above shows that the pair is trading below a strong resistance level that is 0.6500. Therefore, we are bearish as long as the pair is trading below it. Our first target is 0.64. On the other hand, if the level of 0.65 is broken, we can go long targeting the level of 0.6640

Resistance levels: Support levels: Recommended:
▪ 0.6600
▪ 0.6550
▪ 0.6500
▪ 0.6200
▪ 0.6150
▪ 0.6100
We are bearish as long as the pair is trading below the level of 0.65.
  • GBPJPY

Update: The pair managed to break through the level of 132.20. As could be seen on the chart above that the pair is trading below a strong resistance level that is 132.30. Therefore, we are bearish as long as the pair is trading below it. Our first target is 129.00

Resistance levels: Support levels: Recommended:
▪ 133.00
▪ 132.30
▪ 132.00
▪ 129.00
▪ 128.50
▪ 128.00
We are bearish as long as the pair is traded below the level of 132.30

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