According to the US Bureau of Labour Statistics on Friday, total non-farm employment fell by 140,000 in December vs. expectations of a 60,000 rise – the first decline in employment since the job market started to recover in May. The US unemployment rate was unchanged at 6.7% (expected: 6.8%), and average hourly earnings jumped to 0.8% from 0.3% (expected: 0.2%).
EUR/USD – Supply at 1.2420-1.2214 remains central focus on the weekly scale, with last week establishing a shooting star pattern off multi-month peaks at 1.2349. In terms of trend, however, upside remains favoured – more so if price overthrows the 1.2555 February 12 high (2018).
GBP/USD – 1.35 stands as potentially strong support this week, not only merging with weekly support at 1.3503 but also forms in conjunction with the current uptrend.
AUD/USD – The Australian dollar wrapped up another week on the front foot against the US dollar, sailing to a fresh 30-month high at 0.7820 and further fuelling the current uptrend. This places buyers in a strong position with room to possibly reach as far north as weekly resistance coming in at 0.8127.
USD/CHF – The weekly timeframe shows not only has USD/CHF been entrenched within a downtrend since May 2019, the pair also remains loitering at the underside of resistance drawn from 0.8905. Because of this, sellers are expected to maintain control in the coming weeks.
XAU/USD – Shedding nearly $50, XAU/USD witnessed strong sellers step forward last week, establishing a clear-cut outside range off resistance at $1,950. Should sellers strengthen their grip this week, support at $1,787 could play a leading role, a level plotted just north of another layer of support at $1,738.
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