{"id":23996,"date":"2021-10-11T09:16:58","date_gmt":"2021-10-11T06:16:58","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?p=23996"},"modified":"2024-11-20T14:35:22","modified_gmt":"2024-11-20T12:35:22","slug":"usd-remains-soft-after-big-nfp-miss","status":"publish","type":"post","link":"https:\/\/www.ironfx-id.com\/vi\/usd-remains-soft-after-big-nfp-miss\/","title":{"rendered":"USD remains soft after big NFP miss"},"content":{"rendered":"<p>The USD was soft against a number of its counterparts on Friday and during today\u2019s Asian session, after a big miss on September\u2019s NFP figure, which was released on Friday. On the other hand, it should be noted that the unemployment rate ticked down and average earnings growth rate accelerated which could have prevented the bears from totally taking over. On the other hand, the Loonie strengthened considerably against the USD as Canada\u2019s employment data for the same month outperformed market expectations and highlighted the contrast in the situation of the two. However, the Loonie may have enjoyed additional support as WTI prices were on the rise surpassing $80 per barrel, a level not seen since 2014 caused by increased demand while it should be noted that natural gas prices were also on the rise. Safe haven Yen weakened on Friday and today\u2019s early morning, given that despite the soft US employment data for September, market expectations for a possible announcement for a tapering of the Fed\u2019s QE program seemed to remain unchanged thus prompted US yields to rise. Rising US yields on the other hand also tended to victimize the Tech sector in the US stockmarkets as Nasdaq dropped, while may also have prevented Gold bulls from taking considerable action after the release of the US employment report. Overall, we see the market being driven by fundamentals today given the low number of high impact financial releases, while trader\u2019s attention may have started to shift towards the release of the Fed\u2019s last meeting minutes and the US CPI rates for September, both due out on Wednesday.<\/p>\n\n\n\n<p>USD\/JPY rose breaking the 112.25 (S1) resistance line now turned to support. We tend to remain bullish for the pair, yet the RSI indicator below our 4-hour chart is above the reading of 70 confirming the bull\u2019s dominance yet may imply that the pair is overbought and may correct lower. Should the bulls maintain control over the pair, we may see it breaking the 112.90 (R1) resistance line thus paving the way 113.70 (R2) level. On the other hand, should the bears take over we may see the pair reversing course, breaking the 112.25 (S1) support line and aim for the 110.90 (S2) level.<\/p>\n\n\n\n<p>USD\/CAD dropped on Friday dropped breaking the 1.2500 (R1) support line, now turned to resistance. We maintain our bearish outlook for the pair, yet we highlight that the RSI indicator below our 4-hour chart has dropped below the reading of 30 implying that the pair may have reached oversold levels and a correction higher is possible. Should the selling interest be extended, we may see the pair breaking the 1.2425 (S2) support line and aim for the 1.2330 (S1) support level. Should a correction higher take place we may see the pair breaking the 1.2500 (R1) line and aim for the 1.2580 (R2) resistance level.&nbsp;<\/p>\n\n\n\n<p><strong>Today\u2019s events and expectations<\/strong><\/p>\n\n\n\n<p>Today during the European session, we get the CPI rates for September from the Czech Republic and Norway.<\/p>\n\n\n\n<p><strong>As for the rest of the week<\/strong><\/p>\n\n\n\n<p>On Tuesday, we get Japan\u2019s Corporate Goods price growth rate for September, UK\u2019s employment data for August, and Germany\u2019s ZEW indicators for October. On Wednesday we get China\u2019s trade data for September, UKs\u2019 GDP and manufacturing output rates for August, Eurozone\u2019s industrial production rate for August and most importantly the US CPI rates for September, while later the Fed is expected to release the minutes of its September meeting. On Thursday, we get Australia\u2019s employment data for September, China\u2019s and Sweden\u2019s inflation rates for September the US weekly initial jobless claims figure and Canada\u2019s manufacturing Sales growth rate for August. On Friday we note the release of France\u2019s final HICP rates for September, and from the US we get the NY Fed manufacturing index for October, the Retail sales for September and the preliminary University of Michigan consumer sentiment for October.<\/p>\n\n\n\n<p><strong>USD\/JPY 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\/11-10-2021\/usd-jpy-10-11-2021.png\"alt=\"support at one hundred and twelve point twenty five and resistance at one hundred and twelve point nine, direction upwards \" title=\"usd-jpy-four-hour-chart\"><\/p>\n\n\n\n<p><strong>Support: 112.25 (S1), 111.65 (S2), 110.90 (S3)<\/strong><\/p>\n\n\n\n<p><strong>Resistance: 112.90 (R1), 113.70 (R2), 114.55 (R3)<\/strong><\/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\/11-10-2021\/usd-cad-11-10-2021.png\"alt=\"support at one point two four two five and resistance at one point two five, direction downwards  \" title=\"usd-cad-four-hour-chart \"><\/p>\n\n\n\n<p><strong>Support: 1.2425 (S1), 1.2330 (S2), 1.2250 (S3)<\/strong><\/p>\n\n\n\n<p><strong>Resistance: 1.2500 (R1), 1.2580 (R2), 1.2650 (R3)<\/strong><\/p>\n\n\n\n<p><img decoding=\"async\" class=\"img-responsive\" src=\"https:\/\/shared.gighl.com\/Morning-Pictures-2021\/Octpmber-2021\/11-10-2021\/benchmark-10-11-2021.PNG\"alt=\"Title\" title=\"benchmark-11-10-2021\"><\/p>\n\n\n\n<p><img decoding=\"async\" class=\"img-responsive\" src=\"https:\/\/shared.gighl.com\/Morning-Pictures-2021\/Octpmber-2021\/11-10-2021\/table-10-11-2021.PNG\"alt=\"Title\" title=\"table-11-10-2021\"><\/p>\n\n\n\n<p><img decoding=\"async\" class=\"img-responsive\" src=\"https:\/\/shared.gighl.com\/Morning-Pictures-2021\/Octpmber-2021\/11-10-2021\/morning-releases-10-11-2021.PNG\"alt=\"Title\" title=\"morning-releases-11-10-2021\"><\/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 was soft against a number of its counterparts on Friday and during today\u2019s Asian session, after a big<\/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-23996","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 remains soft after big NFP miss<\/title>\n<meta name=\"description\" content=\"USD softens after NFP miss; Loonie strengthens on better Canadian jobs, rising WTI prices. 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