US Non-Farm Payrolls: Friday, 12:30. The monthly jobs report always gains traction and moves markets. July’s NFP saw a weaker than expected increase in jobs, only 157K, but OK wage growth ate 0.3% m/m and 2.7% y/y. Slightly better figures are likely now: 191K jobs gained and salaries are projected to advance by 0.3% m/m and 2.8% y/y. The unemployment rate is expected to remain unchanged at 3.9%. Markets focus on wages but another weak gain in positions could shift the attention back to the headline change in jobs. This is the last NFP report before the Fed convenes later in September.
Canadian jobs report Friday, 12:30. Canada reported a whopping gain of 54.1K jobs in July, but this concealed a loss of full-time jobs and a leap in part-time jobs. In addition, wages disappointed by reverting back down after two good months. The unemployment rate stood at 5.8%. In August, we can expect a more modest increase in positions: 5.1K. The jobless rate acrries expectations for an increase to 5.9%.
USD
US Non-Farm Payrolls
CAD
Canadian jobs report
- EURUSD
Update: The pair started going up as expected, WE REMAIN THE SAME. The daily chart shows that there is a potential that the pair could be forming a head and shoulders pattern. To be specific, the second shoulder is being formed and it is traded now just above the same price level of the first shoulder around 1.15. So, we will wait for the pair to show up some bullish evidence above the support level of 1.15 which in turn will help the Euro to gain value against the American dollar. According to this scenario, the pair might reach the level of 1.17 during the week conditioned by the continuation of trading above the level of 1.15.
Resistance levels: | Support levels: | Recommended: |
▪ 1.21 ▪ 1.1850 ▪ 1.1780 |
▪ 1.15 ▪ 1.1450 ▪ 1.14 |
Waiting for the pair to show up some bullish evidence above the level of 1.15. |
- GBPUSD
Update: The pair is still traded below the down trendline. As could be seen on the daily time frame that the pair is traded below a strong resistance level that is the down trend line shown on the chart in blue. Therefore, we are short as long as the pair is traded below the downtrend line. Our first target is 1.2650.
Resistance levels: | Support levels: | Recommended: |
▪ 1.36 ▪ 1.35 ▪ 1.31 |
▪ ▪ 1.2650 ▪ 1.2550 |
We are bearish as long as the pair is traded below the down trend line. |
- GOLD
Update: No changes. As we mentioned last week the importance of the level of 1220 as a strong resistance level. The pair is still traded below that level and since it is traded below it, it is highly recommended to go short targeting the level of 1190 followed by 1180 during the week.
Resistance levels: | Support levels: | Recommended: |
▪ 1330 ▪ 1320 ▪ 1220 |
▪ 1200 ▪ 1190 ▪ 1180 |
We are bearish as long as the pair is traded below the level of 1220. |
- AUDUSD
Update: The pair is still traded in a very tight rang. The daily timeframe shows that the pair is traded bearishly. The pair is traded now above a strong support level that is 0.7160 so we find it a good opportunity to go short in case the pair goes up to be traded around the level of 0.7240. Will keep updating you regarding the pair’s movement.
Resistance levels: | Support levels: | Recommended: |
▪ 0.7550 ▪ 0.7600 ▪ 0.7260 |
▪ 0.7160 ▪ 0.71 ▪ |
We are bearish as long as the pair is traded below the level of 0.7240. |
- GBPJPY
Update: Today’s candle is bullish and the pair is moving forward to the upside. Having the pair traded within the descending channel is considered to be bearish. We think that it would be a good opportunity if we wait for the pair to reach the upside of the channel. This is where we can go short targeting the other side of the channel (the downside) in case the pair reaches the upside and shows up some bearish evidence.
Resistance levels: | Support levels: | Recommended: |
▪ 156 ▪ 155 ▪ 146 |
▪ — ▪ — ▪ 140 |
Waiting for the pair to reach upside of the channel. |
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