Senior Economic & Technical Adviser
The Eyes on US NFP
Investors are currently awaiting the release of labor market data by the American economy, with the release of the unemployment rate reading, which may reflect a decrease to 3.5% compared to 3.6% in last March, with the reading of the change in jobs for sectors other than agricultural, showing the creation of 390 thousand jobs added compared to 431 A thousand jobs added, while the average hourly earnings index may reflect the stability of growth at 0.4% during April.
Although the index price formed a bearish wave yesterday, but that did not affect the bullish path by its repeated positioning above the extended support towards 101.50, trying to provide stochastic for positive momentum, which will facilitate the task of renewing the price for the bullish attack to facilitate the task of reaching 102.20 and 102.75 again.
As for the drop below the current support, it will activate the bearish path, to expect the price to incur losses towards 100.60 and 99.80, respectively.