U.S. Dollar Rallies As Non Farm Payrolls Beat Expectations
U.S. Dollar Index tested new highs as traders reacted to the Non Farm Payrolls report. The report showed that U.S. economy added 256,000 jobs in December, compared to analyst forecast of 160,000. The strong job market data reduces chances for rate cuts in the near term.
In case U.S. Dollar Index settles above the resistance at 109.40 – 109.60, it will move towards the next resistance level, which is located in the 111.10 – 111.30 range.
EUR/USD Tests New Lows As Traders React To U.S. Job Market Data
EUR/USD tests new lows as traders focus on U.S. job market data. U.S. Unemployment Rate declined from 4.2% in November to 4.1% in December, compared to analyst forecast of 4.2%.
A successful test of the support level at 1.0235 – 1.0250 will push EUR/USD towards the next support at 1.0100 – 1.0115.
GBP/USD Attempts To Settle Below 1.2200
GBP/USD remains under strong pressure as U.S. job market reports provide significant support to the American currency.
Currently, GBP/USD is trying to settle below the support at 1.2200 – 1.2215. In case this attempt is successful, GBP/USD will move towards the next support level at 1.2080 – 1.2100. It should be noted that RSI is in the oversold territory, so the risks of a rebound are increasing.
EUR/USD Price Forecast
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USD/CAD gains ground as traders react to Unemployment Rate report from Canada. The report indicated that Unemployment Rate declined from 6.8% in November to 6.7% in December, compared to analyst forecast of 6.9%.
A move above the 1.4460 level will open the way to the test of the resistance level at 1.4540 – 1.4560.
USD/JPY Pulled Back Below 158.00
USD/JPY has recently made another attempt to settle above the resistance at 158.50 – 159.00 but lost momentum and pulled back below the 158.00 level.
If USD/JPY manages to settle below the 50 MA at 157.59, it will head towards the support level at 156.00 – 156.50.
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