Kickstart the FX trading day for June 7 w/a technical look at the EURUSD USDJPY & GBPUSD

June 07, 2024 at 02:20PM
The US jobs report came in stronger than expectations:

Details of the May 2024 jobs report:

non-farm payroll for May 272K vs 185K estimate.

Two-month net revision -15K vs -22K prior

Unemployment rate 4.0% vs 3.9% expected

Prior unemployment rate 3.9%

Participation rate 62.5 % vs 62.7% prior

U6 underemployment rate and blood for % vs 7.4% prior

Average hourly earnings + 0.4 % m/m vs +0.3% expected

Prior avg hourly earnings +0.2% m/m

Average hourly earnings + 4.1 % y/y vs +3.9% expected

Average weekly hours 34.3 vs 34.3 expected

HUBFX

Change in private payrolls +229K vs +170K expected

Change in manufacturing payrolls +8K vs +5K expected

That has helped to move yields higher, stocks lower and the USD higher.

Looking at through the major currency pairs:

EURUSD fell below the 100 and 200 hour moving averages at 1.0881 and 1.08598 respectively. The price move down to test and break below the low price for Monday at 1.0827, but there is some up-and-down price action around that level. On the downside the 100 day moving out of 1.08064 and the 200 day moving average at 1.07 86R key targets today and going forward.

The USDJPY moved sharply to the upside and in the process extended back above its 200-hour moving average at 156.445. That level will now be a close risk-defining level for buyers. The current price is trading at 156.75.

The GBPUSD fell below its 100 bar moving average on the 4-hour chart at 1.2735. That is now a close risk level for traders. On the downside watch 1.2700 followed by a swing area between 1.2674 and 1.2685 as the next targets..

This article was written by Greg Michalowski at www.forexlive.com.

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Payment services for HUBFX are provided by The Currency Cloud Limited. Registered in England No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199) and The Currency Cloud Inc. which operates in partnership with Community Federal Savings Bank (CFSB) to facilitate payments in all 50 states in the US. CFSB is registered with the Federal Deposit Insurance Corporation (FDIC Certificate# 57129). The Currency Cloud Inc is registered with FinCEN and authorized in 39 states to transmit money (MSB Registration Number: 31000160311064). Registered Office: 104 5th Avenue, 20th Floor, New York , NY 10011 and CurrencyCloud B.V.. Registered in the Netherlands No. 72186178. Registered Office: Nieuwezijds Voorburgwal 296 – 298, Mindspace Nieuwezijds Office 001 Amsterdam. CurrencyCloud B.V. is authorised by the DNB under the Wet op het financieel toezicht to carry out the business of a electronic-money institution (Relation Number: R142701)

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