ภาษาไทย
Tiếng Việt
📈 Get ready for a pivotal week in Forex! Anticipate market movements with our latest analysis: 🚀 Uptick in NFP jobs report, rising hourly earnings, and RBA’s interest rate decision. #forex #trading #forextrading
Watch the video to learn more…
Forex Week Ahead Analysis
As we step into a new trading week, a host of key economic indicators are set to unfold, promising to inject volatility and potentially lucrative opportunities for savvy forex traders. Among the highlights of this week, we have the NFP (Non-Farm Payroll) report, a crucial barometer of the U.S. employment situation, and key announcements from the Reserve Bank of Australia (RBA) on interest rates. Let’s delve into the details and assess how these events might shape the forex markets.
This Friday, the financial world will set its sights on the U.S. Non-Farm Payroll report, a major market mover. The NFP report is a critical indicator of the economic health of the United States, as it represents the number of jobs added in the non-agricultural sector. This month, the NFP is expected to show a slight uptick in job creation, moving from the previous figure of 150,000 to around 185,000. This anticipated increase suggests a robust job market, potentially reinforcing the U.S. dollar’s strength against its counterparts. Forex traders should be prepared for increased volatility around the time of the release and consider the implications of this data on USD pairs.
Another key aspect of the NFP report is the Average Hourly Earnings, which provides insights into wage growth – an important factor in assessing inflationary pressures and consumer spending potential. This week, forecasts indicate a rise in average hourly earnings from 0.2% to 0.3%. A higher wage growth rate could signal increasing inflationary pressures, which in turn, might influence the Federal Reserve’s stance on interest rates. A positive outcome could lend further support to the U.S. dollar, as higher wages typically boost consumer spending, thus, driving economic growth.
On the other side of the globe, the Reserve Bank of Australia (RBA) is forecasted to leave interest rates unchanged at 4.35%. The RBA’s decision will be closely monitored by traders, especially those interested in the AUD/USD pair. Stability in interest rates often reflects the central bank’s confidence in the current economic conditions and its future outlook. An unchanged rate might suggest that the RBA is comfortable with the current economic trajectory, potentially impacting the Australian dollar’s performance in the forex markets.
USD Index
The price on the chart has traded through multiple technical levels and some observations included:
- USD found some support below the key $103.00 level.
- Price is currently at a minor trend line resistance, if price breaches this we could see a move towards $104.00.
EURUSD
The price on the chart has traded through multiple technical levels and some observations included:
- EURUSD found resistance at the key volume level of 1.0986.
- Price is currently at the daily supporting lows of 1.0833.
- If we break this level, the price could continue lower.
AUDJPY
The price on the chart has traded through multiple technical levels and some observations included:
- AUD is weakening on the strength meter, and JPY is strengthening.
- AUDJPY could be one to watch this week with the price finding resistance at 98.00.
- If price reverses here sellers could target the 97.25 minor support.
EURJPY
The price on the chart has traded through multiple technical levels and some observations included:
- EURJPY was one to watch from last week, as EUR remains a weak currency.
- Price breaches the 161.50 support zone.
- Price looks to be heading for the key support of 159.50.
Have you watched our latest video update? You can see it here.
Enjoy low spreads and quick trade executions with a live account. Our highly committed customer support team will assist you with your quick account setup for any future concerns. Start trading with Blueberry Markets today.
About The Author
