August 02, 2024 at 02:21PM
The USD is lower after the US jobs report which came in weaker than expectations with non-farm payroll rising just 114K versus 175K estimate. The unemployment rate pushed up to 4.3% from 4.1% estimate and 4.1% last month. Average earnings were weaker at 0.2% versus 0.3%. Finally, the average workweek fell from 34.2 hours from 34.3 hours. Weaker than expectations across the board. For more details GO HERE.
In the above video, I take a look at the three major currency pairs – the EURUSD, USDJPY and GBPUSD from a technical perspective. What is driving the major pairs technically?
EURUSD: The EURUSD is driving to the upside (lower USD) and has broken above a key level of 1.0872. That is now close support. The next target comes the 1.0894. Get above that level in the 1.0900 – 1.0920 area becomes the target.
USDJPY: For the USDJPY, it fell below the 61.8% retracement of the move up from the December 2023 low at 148.532. THe next key target area is not until 145.89 to 146.51.
GBPUSD: The GBPUSD has move up to test the 200 bar MA on the 4-hour chart. Move above it, and the next key area comes between 1.2845 and 1.2860.
This article was written by Greg Michalowski at www.forexlive.com.