US Non-Farm Payrolls: Friday, 12:30. The king of forex indicators is with us and wages remain no less important than job growth. Back in May, the report was very disappointing, but the Fed raised rates anyway. Only 138K jobs were gained and year over year wage growth advanced by only 2.5%, remaining stuck. While the next rate decision is not accompanied by new forecasts, it could certainly impact the tone of the Fed. This time, a gain of 175K jobs is expected. Wage growth is forecast to rise by 0.3% m/m after 0.2% last time. The unemployment rate carries expectations to repeat the 4.3% level seen last month.
Canadian jobs report Friday, 12:30. Released simultaneously with the US jobs report, Canada can expect better numbers. So far in 2017, the Canadian economy gained more positions than expected and participation is rising. The report for May was a blockbuster one: 54.5K jobs gained. The unemployment rate stood at 6.8%.
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ADP Non-Farm Payrolls
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Canadain jobs report
- EURUSD
As could be seen on the chart above that the pair is traded right below a strong resistance level that could be found around the level of 1.1430. So, we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 1.1400 during the day.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.1550 ▪-1.1500 ▪ 1.1450 |
▪ 1.1430 ▪-1.1300 ▪ 1.1250 |
We remain bearish as long as the pair is traded below the level of 1.1430 |
- GBPUSD
Update: The pair is still traded right below the level of 1.3040 so we remain bearish. As could be seen on the chart above that the pair is traded right below a strong resistance level that could be found around 1.3040 so we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 1.3000 followed by 1.2900 during the week. On the other hand, breaching the level of 1.3040 will open the door for further upward movement during the week.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.3040 ▪-1.3100 |
▪ 1.2900 ▪ 1.2800 ▪ — |
We remain bearish as long as the pair is traded below the level of 1.3040 |
- GOLD
Update: A very tight movement could be detected on the chart. The pair also is still traded above the level of 1215 so we remain bullish. Regardless the last downward movement that could be clearly seen on the chart above, the pair is facing a strong support level which is the uptrend line shown on the chart so we believe that as long as the pair is traded above it, it is highly recommended to go long targeting the level of 1250 followed by 1265 during the week. On the other hand, breaching the level of 1225 along with the uptrend line shown in red on the chart will open the door for further downward movement during the week.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1270 ▪ 1265 ▪ 1250 |
▪ 1215 ▪ 1210 |
We remain bullish as long as the pair is traded above the level of 1215 |
- AUDUSD
Update: Yesterday’s trading season was very bearish which suggests more of the downward movement to the level of 0.7530. As could be seen on the chart above that the pair is traded right below a strong resistance level that could be found around the level of 0.7725 so we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 0.7650 followed by 0.7600 during the week. On the other hand, breaching the level of 0.7725 can open the door for further upward movement during the week.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 0.7725 ▪-0.7800 ▪ 0.7850 |
▪ 0.7600 ▪ 0.7550 |
We remain bearish as long as the pair is traded below the level of 0.7725 |
- GBPJPY
Update: the pair is very close to the level of 148 so we remain bearish. The pair is in a strong uptrend as could be seen on the chart above. So, it may continue going up to reach the level of 148 then a pullback is expected if the pair shows some negative factors right below the level of 148.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 148 ▪ 147.95 ▪ |
▪ 145 ▪ 144 ▪ 143 |
We remain bearish as long as the pair is traded below the level of 148. |
