Top Forex Brokers – Forex Weekly news and analysis For December 2 – 8, 2024
NFP
According to the data, nonfarm payroll employment in October dropped to 12 000 jobs, falling short of the forecasted 106 000. This suggests a short-term economic downturn. Surprisingly, this did not weaken the US dollar. On the contrary, it rose significantly following the US presidential election.
The Federal Reserve cut the federal funds rate by 0.25%, bringing it down to 4.75%. Meanwhile, unemployment claims declined from 221k to 213k in November, signaling a potentially positive trend for the upcoming NFP numbers.
The US dollar demonstrated strength, growth, and resilience throughout the month. Based on key indicators, we can expect an increase in NFP numbers in December.
US30 has formed an ascending channel pattern in a long-term bullish trend. The price updated ATH and reached the upper trend line. However, CCI indicates the possibility of a decline.
•A break of the trendline above 45 000 could open the way to 46 400;
•A rebound from the trendline may drop US30 to 43 300, corresponding to 161.8 Fibonacci.
AUDUSD has formed a descending channel pattern. The price reached the upper trend line. MACD indicates the possibility of growth, but there’re two possible scenarios.
•A break of the upper trendline above 0.6530 could open the way to 0.6630;
•A bounce off the trendline may bring the price back to 0.6450.
USDJPY fell to the 38.2 Fibonacci support area after a short-term rise. Despite the fall, the price crossed the lower Bollinger line, indicating oversold conditions.
•A fall below the 150.000 support may drop the price to 146.000, corresponding to 161.8 Fibonacci;
•A rebound from support could bring USDJPY back to 153.000.
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