Important News Today!
UNITED STATES JOB NEWS: Time to Buy USD?? (FOREX FORECAST)
https://www.youtube.com/watch?v=c6EkHcOetPg

Caution: Bizarre US Labor Data
This morning’s economic news pertaining to the United States has been rather complicated. Because of this, we would like to issue a word of caution: bizarre US labor data like this can have odd effects on price action for major pairs. On one hand, Non-Farm Employment Change (NFP, for Non-Farm Payrolls; a key gauge of private sector labor market activity) estimates for November came in far from strong. Released at 8:15 am ET by Automatic Data Processing, Inc., a meager 127,000 jobs were projected to have been added to the US economy over the latest month, a far cry from the 196,000 that had been forecast. This implies a cooling labor market, which is bearish for USD.

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USDJPY hits a vital level of support on the 200 DMA. Price has already started to bounce up from this level as it is showing signs of a reversal. If the pair does keep moving higher, the next level of resistance is around the 138s

Gold came up to its 200 DMA before falling back down on the 1D timeframe. This retracement could be temporary as it comes down to a previous top just below. Price’s recent upsurge could be caused by institutional interest

SPX500 has come down this morning on to the double top on the 1D timeframe. The USD is stronger today which could result in a fall in stocks. If price can hold above the $3900s, it would still have some bullish potential. The index is still making higher lows and highs

MAJOR NEWS EVENT TODAY:
The US Dollar LAUNCHES on NFP News: Time to Buy USD?
https://www.youtube.com/watch?v=XlJGG-7FApU

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USD/JPY Analysis
Dollar-yen comes off major support on the 1D timeframe after two months of losses. Price has bounced up from the 200 DMA and might be looking to hit the 137s. PPI and ISM numbers come out this week which will be heavily impactful on the dollar’s direction. Expectations of producer prices are unchanged while ISM is lower. If price ends up holding this current level, we might be able to see a test at resistance right above.

EUR/USD Analysis
Some unusual activity on EU pair regarding its relation to the US equities market. Stocks are falling while euro moves higher on the day. Price is currently above the 200 DMA for the first time since June of 2021. This could be an incredibly bullish technical sign that the euro is getting stronger. If the pair remains bullish, it could go up to test the 1.07s. Euro does not have any heavily impactful news this week, so most of the pair’s volatility will come from the dollar.

SPX500 Analysis
The market dropped at open this morning onto the 200 DMA for support. Price still hasn’t touched the $4118 level resistance to complete the move. The index might not be able to keep up the trend it started back in October, but it is still not certain on direction. Some analysts think that the bear market is not over yet while hinting towards a continued and worsening recession. They are warning not to fall for the hype of a false bull market.

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