{"id":23989,"date":"2021-10-08T09:26:40","date_gmt":"2021-10-08T06:26:40","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?p=23989"},"modified":"2024-11-20T14:32:48","modified_gmt":"2024-11-20T12:32:48","slug":"all-eyes-on-the-us-employment-report-2","status":"publish","type":"post","link":"https:\/\/www.ironfx-id.com\/ms\/all-eyes-on-the-us-employment-report-2\/","title":{"rendered":"All eyes on the US employment report"},"content":{"rendered":"<p>The USD remained rather stable against its counterparts yesterday, yet started with some gains during today\u2019s Asian session as the market\u2019s focus is fixed on the release of the US employment report for September. The forecasts in general are for all main indicators in the report to align, pointing towards a tightening of the US employment market. Should the actual rates and figures meet their respective forecasts, they could boost the Fed\u2019s confidence and enhance the possibility of announcing the tapering of the bank\u2019s QE program in its November meeting. On USD fundamentals related to the debt ceiling of the US may have found a solution as US lawmakers seem to agree to raise the federal borrowing limit until December, creating substantial support for the US stockmarkets. On the monetary front it should be noted that Cleveland Fed President Mester yesterday was reported stating that inflation has surpassed the level required for a rate hike yet worries for the employment market persist.<\/p>\n\n\n\n<p>Dow Jones rose yesterday breaking the 34700 (S1) resistance line, now turned to support. Despite the index\u2019s rise we are hesitant to call the bulls as the index seems to have stabilised at later hours. It should be noted that the RSI indicator, below our 4-hour chart is above the reading of 50, which could imply an advantage for the bulls. Should the bulls actually take charge of the index\u2019s direction we may see it breaking the 35075 (R1) resistance line and thus pave the way for the 35500 (R2) record high level.&nbsp;&nbsp; Should the bears take over, we may see the index breaking the 34700 (S1) support line and aim for the 34400 (S2) support level.<\/p>\n\n\n\n<p><strong>Canada\u2019s employment data could send mixed signals&nbsp;<\/strong><\/p>\n\n\n\n<p>CAD seems to be strengthening against the USD. Yet CAD traders, could be focusing on the release of the Canadian employment data but mixed signals about the Canadian employment market could be sent. On the one hand, the unemployment rate is expected to drop further which could be bullish for the CAD. On the other hand, the employment change figure is expected to retreat which could weaken CAD as it could imply some slack in the recovery of the Canadian employment market. It should be noted that BoC governor Macklem yesterday in his statements highlighted that the inflationary pressures may be more persistent while the recovery of the Canadian economy may not be as smooth as expected. Also, WTI\u2019s price was on the rise again yesterday and tended to provide support for the Loonie as also did the positive market sentiment which was created in the markets.&nbsp;<\/p>\n\n\n\n<p>USD\/CAD dropped yesterday breaking the 1.2580 (R1) support line, now turned to resistance, which prevented the bears for the past few days. We maintain a bearish outlook as long as the pair remains below the downward trendline incepted since the 29<sup>th<\/sup> of September. Please note though that the pair is expected to be heavily influenced by the simultaneous release of the US and the Canadian employment data for September during today\u2019s American session. The RSI indicator below our 4-hour chart is currently below the reading of 50, which may imply a continuation of the bears\u2019 dominance. Should the selling interest continue to be on display by the markets, we may see the pair breaking the 1.2500 (S1) support line and take aim for the 1.2425 (S2) support level. Should the USD come under more demand than CAD and buyers take charge of the pair\u2019s direction we may see the pair breaking the 1.2580 (R1) resistance line and aim for the 1.2650 (R2) resistance level.&nbsp;&nbsp;<\/p>\n\n\n\n<p><strong>Today\u2019s events and expectations<\/strong><\/p>\n\n\n\n<p>Today in the European session, we get Germany\u2019s trade data for August. In the American session we highlight the simultaneous release of the US and the Canadian employment data for September. On the monetary front we note the speech of BoE\u2019s Tenreyro. &nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p><strong>US 30 Cash H4 Chart&nbsp;<\/strong><\/p>\n\n\n\n<p><img decoding=\"async\" class=\"img-responsive\" src=\"https:\/\/shared.gighl.com\/Morning-Pictures-2021\/Octpmber-2021\/08-10-2021\/us30-cash-08-10-2021.png\"alt=\"support at thirty four thousand and seven hundred and resistance at thirty five thousand and seventy five  resistance at ninety four point six, direction sideways    \" title=\"us-thirty-cash-four-hour-chart\"><\/p>\n\n\n\n<p>Support: 34700 (S1), 34400 (S2), 33060 (S3)<\/p>\n\n\n\n<p>Resistance: 35075 (R1), 35500 (R2), 35900 (R3)<\/p>\n\n\n\n<p><strong>USD\/CAD H4 Chart&nbsp;<\/strong><\/p>\n\n\n\n<p><img decoding=\"async\" class=\"img-responsive\" src=\"https:\/\/shared.gighl.com\/Morning-Pictures-2021\/Octpmber-2021\/08-10-2021\/usd-cad-10-08-2021.png\"alt=\" support at one point two five and resistance at one point two five eight, direction downwards  \" title=\"usd-cad-four-hour-chart\"><\/p>\n\n\n\n<p>Support: 1.2500 (S1), 1.2425 (S2), 1.2330 (S3)<\/p>\n\n\n\n<p>Resistance: 1.2580 (R1), 1.2650 (R2), 1.2720 (R3)<\/p>\n\n\n\n<p><img decoding=\"async\" class=\"img-responsive\" src=\"https:\/\/shared.gighl.com\/Morning-Pictures-2021\/Octpmber-2021\/08-10-2021\/benchmark-08-10-2021.PNG\"alt=\"Title\" title=\"benchmark-08-10-2021\"><\/p>\n\n\n\n<p><img decoding=\"async\" class=\"img-responsive\" src=\"https:\/\/shared.gighl.com\/Morning-Pictures-2021\/Octpmber-2021\/08-10-2021\/table-08-10-2021.PNG\"alt=\"Title\" title=\"table-08-10-2021\"><\/p>\n\n\n\n<p><img decoding=\"async\" class=\"img-responsive\" src=\"https:\/\/shared.gighl.com\/Morning-Pictures-2021\/Octpmber-2021\/08-10-2021\/morning-releases-08-10-2021.PNG\"alt=\"Title\" title=\" morning-releases-08-10-2021\"><\/p>\n\n\n\n<p class=\"translation-block\">If you have any general queries or comments relating to this article please send an email directly to our Research team at <a href=\"mailto:research_team@ironfx.com\" target=\"_self\">research_team@ironfx.com<\/a><\/p>\n\n\n\n<p>Disclaimer:<br>This information is not considered as investment advice or an investment recommendation, but instead a marketing communication. IronFX is not responsible for any data or information provided by third parties referenced, or hyperlinked, in this communication.<\/p>","protected":false},"excerpt":{"rendered":"<p>The USD remained rather stable against its counterparts yesterday, yet started with some gains during today\u2019s Asian session as the<\/p>","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[340,328,351,338,364],"class_list":["post-23989","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-forex-market","tag-forex-trading","tag-news","tag-technical-analysis","tag-trades","blog-category-financial-news","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>USD Gains Ahead of US Employment Report<\/title>\n<meta name=\"description\" content=\"USD stable, gains in Asian session as focus shifts to US employment report; possible Fed tapering, debt ceiling resolution.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ironfx.com\/ms\/wp-json\/wp\/v2\/posts\/23989\/\" \/>\n<meta property=\"og:locale\" content=\"ms_MY\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"All eyes on the US employment report\" \/>\n<meta property=\"og:description\" content=\"USD stable, gains in Asian session as focus shifts to US employment report; possible Fed tapering, debt ceiling resolution.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ironfx-id.com\/ms\/all-eyes-on-the-us-employment-report-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-08T06:26:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-20T12:32:48+00:00\" \/>\n<meta name=\"author\" content=\"IronFX Team\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ms\\\/all-eyes-on-the-us-employment-report-2\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ms\\\/all-eyes-on-the-us-employment-report-2\\\/\"},\"author\":{\"name\":\"IronFX Team\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ms\\\/#\\\/schema\\\/person\\\/6727476356d10030d1564b38f6e699b1\"},\"headline\":\"All eyes on the US employment report\",\"datePublished\":\"2021-10-08T06:26:40+00:00\",\"dateModified\":\"2024-11-20T12:32:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ms\\\/all-eyes-on-the-us-employment-report-2\\\/\"},\"wordCount\":750,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ms\\\/#organization\"},\"keywords\":[\"forex market\",\"forex trading\",\"news\",\"Technical analysis\",\"trades\"],\"articleSection\":[\"Uncategorized\"],\"inLanguage\":\"ms-MY\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ms\\\/all-eyes-on-the-us-employment-report-2\\\/\",\"url\":\"https:\\\/\\\/www.ironfx-id.com\\\/ms\\\/all-eyes-on-the-us-employment-report-2\\\/\",\"name\":\"USD Gains Ahead of US Employment Report\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ms\\\/#website\"},\"datePublished\":\"2021-10-08T06:26:40+00:00\",\"dateModified\":\"2024-11-20T12:32:48+00:00\",\"description\":\"USD stable, gains in Asian session as focus shifts to US employment report; possible Fed tapering, debt ceiling resolution.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ms\\\/all-eyes-on-the-us-employment-report-2\\\/#breadcrumb\"},\"inLanguage\":\"ms-MY\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.ironfx-id.com\\\/ms\\\/all-eyes-on-the-us-employment-report-2\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ms\\\/all-eyes-on-the-us-employment-report-2\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.ironfx-id.com\\\/ms\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"All eyes on the US employment report\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ms\\\/#website\",\"url\":\"https:\\\/\\\/www.ironfx-id.com\\\/ms\\\/\",\"name\":\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\",\"description\":\"&quot;Our Introducing Brokers program offers competitive conditions tailored to our partners&#039; needs. 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