Canadian employment data: Friday, 13:30. Canadian employment market expanded by 19,400 jobs in March and the unemployment rate edged up to 6.7% as more people entered the workforce. The upbeat report suggested Canada’s economic growth gathered momentum. The hefty jobs gain was nearly four times more the expected level of 5,700, continuing a three-month of increase. The positive data will make it difficult for the Bank of Canada to keep rates low in the coming months. However BOC Governor Stephen Polo zos still worried about the downside risks in the Canadian economy. Canadian employment market is expected to show a job creation of 20,000 with 6.7% unemployment rate.
US Non-Farm Payrolls and Unemployment rate: Friday, 13:30. Nonfarm payrolls disappointed in March with a meager job creation of 98,000, following an upbeat ADP report of 263,000 jobs gain. However, the unemployment rate fell to a 10-year low of 4.5%. Analysts expected an addition of 180,000 positions for the month. The unexpected low figure could be explained by weather issues decreasing activity. Wage growth remained strong with an annual rise of 2.7% in average hourly earnings. Policy makers are closely monitoring the monthly payrolls report to see whether another rate increase in June is in order. The NFP for April is expected to register 194,000 new jobs in April.
Janet Yellen speaks: Friday 18:30. Federal Reserve Chair Janet Yellen will speak in Providence about Women’s Participation in the Economy. Market volatility could be expected.
CAD
Canadian employment data
USD
US Non-Farm Payrolls and Unemployment rate
Janet Yellen speaks
- EURUSD
Update: The upside of the ascending channel remains solid. So we remain the same as long as the pair is traded below it. Above the current price of the pair we can find two strong resistance levels which are: The upside of the ascending channel and the downtrend line (that acts as a resistance level in our case). It is a good catch if the pair manages to go up again to reach those two levels then if it shows some negative factors, we may go short targeting the level of 1.0800. There are no exact prices to enter the market in this scenario. But rather we have areas that are very bearish (two levels mentioned above). We believe that these levels can take traders’ attention so let’s keep an eye on them and see what will happen?
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.0900 ▪-1.0950 ▪ — |
▪ 1.0800 ▪ 1.0700 ▪ 1.0680 |
We remain bearish as long as the pair is traded below the upside of the ascending channel |
- GBPUSD
Update: The pair is still traded below the upside of the ascending channel shown on the chart so we remain the same. Again, with the inverted head and shoulders pattern, the pair is still traded above the broken neck line shown on the chart. Also, it is traded right below the upside of the ascending channel shown on the chart. We might need to wait for the pair to reach the neck line again then we can go long targeting the upside of the channel.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.2800 ▪-1.3000 ▪ — |
▪ 1.2700 ▪ 1.2600 ▪ — |
We remain bullish as long as the pair is traded above the level of 1.2600 |
- GOLD
Update: A strong bearish candle managed to break through the downside of the ascending channel shown on the chart. Today’s trading session is very important that if the price managed to close below the level of 1240 then there would be a bearish movement confirmed by its close. The pair managed to break through the downside of the ascending channel shown on the chart. This may cause the Gold to fail to the level of 1200 but we need a confirmation. The best thing is to wait for today’s close that if the pair managed to close below the downside of the channel again, then it is highly recommended to go short targeting the level of 1230 followed by the level of 1200.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1280 ▪ 1300 ▪ 1315 |
▪ 1230 ▪ 1220 ▪ 1200 |
Waiting for a confirmation |
- AUDUSD
Update: Before entering this trade, we need to find at least a bullish signal above the level of 0.7400. Otherwise we are not to enter the market. The pair managed to break through the level of 0.7440 so it may continue going down to reach the level of 0.7400. We will be waiting for it to reach this level, then a pullback is expected if it shows some positive factors right above that level that it may reach the level of 0.7500.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 0.7600 ▪ 0.7550 ▪-0.7500 |
▪ 0.7400 ▪ 0.7300 ▪ — |
We remain bullish as long as the pair is traded above the level of 0.7400 |
- GBPJPY
Update: the pair is on its way to reach the level of 1.3800. The pair managed to break through a strong resistance level around 1.3600 (now it is a support level). So, having the pair traded above the level of 1.3600 would suggest more upward movement during the day that the pair may reach the level of 1.3800. This scenario is conditioned by the continuation of trading above the level of 1.3600.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.3800 ▪ 1.3840 ▪ 1.3700 |
▪ 1.3600 ▪ 1.3530 ▪ 1.3455 |
We remain bullish as long as the pair is traded above the level of 1.3600 |
