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Non-farm doesn’t hurt the USD. EUR/USD, USD/JPY, GBP/USD, CAD/JPY

Jan 10 2020, 08:35 PM (+06) |


It’s the end of the first full trading week of 2020. The USD was one of the best performing currencies this week until the release of official non-farm payrolls, which were released at worse than expected 145K below 164K forecast. Average Hourly Earnings were also a disappointment, released at 0.1% from 0.3% forecast.

EUR/USD on a Daily TF experienced limited movement and continues to trade around 1.11. Over the weekend pay close attention to headlines concerning Mideast tensions and trade.

Technically: 13EMA continues to support the price. Bearish histogram is increasing. 13 EMA pointing down.

Resistance: R1 50% Fibo 1.11456, R2 61.8% Fibo 1.12086.

Support: S1 38.2% Fibo 1.10827, S2 1.10663, S3 23.6% Fibo 1.10049.

USD/JPY on a Daily TF continues to advance up, but the price is at an important psychological level of resistance. This is the 10th attempt to breach the level of around 109.624 since the end of November.

Technically: The MACD line intersected the signal line up and we have the beginning of a bullish histogram. Parabolic SAR pointing up. 13 and 48 EMA are below the price and pointing up as well.

Resistance: R1 109.900, R2 110.244, R3 111.069.

Support: S1 61.8% Fibo 109.362, S2 108.922, S3 50% Fibo 108.423.

GBP/USD on a Daily TF continues to trade in a bearish flat. We have a trend line up from September 2019 which is in the same vicinity as the 48 EMA and a strong psychological level of support around 1.30112. The pair is currently between the 13 and 48 EMA, using 13 EMA as resistance.

Resistance: R1 50% Fibo 1.31675, R2 1.33327

Support:  S1 48EMA 1.29938, S2 38.2% Fibo 1.28821, S3 1.27793.

Another important currency to note this Friday is the Canadian Dollar. Employment growth came in at better than expected 35.2K ahead of the 25K forecast and -71.2K previous fact. The unemployment change fell by 30 basis points from the previous fact, released at 5.6%, below 5.8% forecast and 5.9% previous fact. This is good news for the CAD, especially with the BoC interest rate decision coming up on January 21st.

CAD/JPY on a Daily TF broke above the 50% Fibo level and currently trading around 84.075. The pair is above the 13 and 48 EMA. Bullish MACD histogram is increasing. We do have a global trend line down, that is in the vicinity of the 61.8% Fibo.

Resistance: R1 61.8% Fibo 85.125, R2 85.649

Support: S1 38.2% Fibo 82.596, R2 82.204, R3 81.639.

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