Most Popular
1. Banking Crisis is Stocks Bull Market Buying Opportunity - Nadeem_Walayat
2.The Crypto Signal for the Precious Metals Market - P_Radomski_CFA
3. One Possible Outcome to a New World Order - Raymond_Matison
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
5. Apple AAPL Stock Trend and Earnings Analysis - Nadeem_Walayat
6.AI, Stocks, and Gold Stocks – Connected After All - P_Radomski_CFA
7.Stock Market CHEAT SHEET - - Nadeem_Walayat
8.US Debt Ceiling Crisis Smoke and Mirrors Circus - Nadeem_Walayat
9.Silver Price May Explode - Avi_Gilburt
10.More US Banks Could Collapse -- A Lot More- EWI
Last 7 days
Stock Market Volatility (VIX) - 25th Mar 24
Stock Market Investor Sentiment - 25th Mar 24
The Federal Reserve Didn't Do Anything But It Had Plenty to Say - 25th Mar 24
Stock Market Breadth - 24th Mar 24
Stock Market Margin Debt Indicator - 24th Mar 24
It’s Easy to Scream Stocks Bubble! - 24th Mar 24
Stocks: What to Make of All This Insider Selling- 24th Mar 24
Money Supply Continues To Fall, Economy Worsens – Investors Don’t Care - 24th Mar 24
Get an Edge in the Crypto Market with Order Flow - 24th Mar 24
US Presidential Election Cycle and Recessions - 18th Mar 24
US Recession Already Happened in 2022! - 18th Mar 24
AI can now remember everything you say - 18th Mar 24
Bitcoin Crypto Mania 2024 - MicroStrategy MSTR Blow off Top! - 14th Mar 24
Bitcoin Gravy Train Trend Forecast 2024 - 11th Mar 24
Gold and the Long-Term Inflation Cycle - 11th Mar 24
Fed’s Next Intertest Rate Move might not align with popular consensus - 11th Mar 24
Two Reasons The Fed Manipulates Interest Rates - 11th Mar 24
US Dollar Trend 2024 - 9th Mar 2024
The Bond Trade and Interest Rates - 9th Mar 2024
Investors Don’t Believe the Gold Rally, Still Prefer General Stocks - 9th Mar 2024
Paper Gold Vs. Real Gold: It's Important to Know the Difference - 9th Mar 2024
Stocks: What This "Record Extreme" Indicator May Be Signaling - 9th Mar 2024
My 3 Favorite Trade Setups - Elliott Wave Course - 9th Mar 2024
Bitcoin Crypto Bubble Mania! - 4th Mar 2024
US Interest Rates - When WIll the Fed Pivot - 1st Mar 2024
S&P Stock Market Real Earnings Yield - 29th Feb 2024
US Unemployment is a Fake Statistic - 29th Feb 2024
U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - 29th Feb 2024
What a Breakdown in Silver Mining Stocks! What an Opportunity! - 29th Feb 2024
Why AI will Soon become SA - Synthetic Intelligence - The Machine Learning Megatrend - 29th Feb 2024
Keep Calm and Carry on Buying Quantum AI Tech Stocks - 19th Feb 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Currency Markets Look To Tommorows Nonfarm Payroll Data

Currencies / Forex Trading Dec 01, 2009 - 03:08 AM GMT

By: ForexPros

Currencies

The U.S Department of Labor will release The ADP Nonfarm Employment Change report tomorrow (Dec 2)
The ADP National Employment Report is a measure of the monthly change of nonfarm private employment, based on a subset of aggregated and anonymous payroll data that represents approximately 400,000 U.S. business clients.


This release, 2 days before the government-released employment data , is a good predictive to the government's non-farm payrolls data. The change in this indicator can be very volatile. A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.

Analysts predict tomorrow's measure to stand at -148.00k, a substantial change from last month's -203.00k.

For more fundamental news, check out the Forexpros Economic Calendar

Euro Dollar:

The Euro broke the support 1.5043 but it only reached 1.4970, without testing the important support area 1.4955-1.4924. And now, it is going back up, closing on almost the same levels that we were at yesterday’s morning. Te price tried to break 1.4970 twice, yesterday, then in the Asian session, without succeeding in doing that. This indicate that this support is important, but we will adopt 1.4985 as support of the day. Where the resistance is found at the falling trendline from last week’s top 1.5143, and that line is currently at 1.5050.

Breaking any of them would deliver the next move direction. Breaking 1.5050 will lead to a test of this year’s high 1.5143 once again, and may be 1.5200 after that. Breaking the support 1.4985 would target Fibonacci 61.8% for the short-term at 1.4924, and this is a crucial support, if broken we will target 1.4867.

Support:
• 1.4985: intraday support.
• 1.4924: Fibonacci 61.8% for the short-term.
• 1.4867: important intraday support from last week.

Resistance:
• 1.5050: the falling trend line from 1.5143 (this year’’s high and last week’s top).
• 1.5144: resistance area from 2008.

USD/JPY:

Dollar-Yen broke through both the resistance & support without creating any major moves, except for nearing the first target 87.50 after breaking the resistance 87.00. the current rise is invited to show strength at Fibonacci 61.8% at 87.50, and if it succeeds in doing so, then a test of the bottom of the supposed wedge formation at 88.33 is to be expected, and if this important resistance is also broken, the next target will be the top of that formation which is currently at 88.84. today’s support is yesterday’s resistance 87.00, and breaking it would mean a continuation of the downtrend after some rising bounces.

This trend would target the rising trendline from last week’s bottom on the hourly chart, which is currently at 86.44, first, then yesterday’s low 85.84. The trend is down, and the Yen strength is still expected, but we should be aware of the possibility of interventions by the Japanese government that would left this pair many steps up!

Support:
• 87.00: short-term support.
• 86.44: the rising trendline from Thursday’s low.
• 85.84: yesterday’s low.

Resistance:
• 87.50: Fibonacci 61.8% short-term (for the move from 89.17 to 84.81).
• 88.33: the bottom of the supposed wedge formation.
• 88.84: the top of the supposed wedge formation.

Analysis by: http://www.Forexpros.com - Written by Alyssa Levy

Forexpros offers the most definitive Forex portal on the web. It contains industry leading market analysis, up-to-the minute news and advanced trading tools which provides brokers, traders and everyone involved in the financial market with an all-round guide to Forex.

Copyright © 2009 by ForexPros.com All rights reserved.

Disclaimer: Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

ForexPros Archive

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in