UltimaForex.com

The recovery of the U.S. economy on Friday has a litmus test in its most sensitive variable: the creation of jobs during the month of January.
According to previous estimates, is expected to have generated about 150,000 jobs last month, a figure much lower than in December, which in any case is subject to revision.
This fact remains, despite its ups and downs, the most important of the month, and takes effect during the coming weeks. The rate of unemployment, which President Obama obsessively fixed his attention, for re-election in November, would be unchanged at 8.5%. Both reports will be published as usual, at 8:30 Eastern.
At 10:00 ISM services will be announced, which could increase this month strongly compared to the previous measurement, endorsing a good number of jobs created, if this indeed is confirmed.
In any case, as we repeat every month, it is always best to wait until the effects dissipate jobs data and the different currency pairs take a definite trend, before entering the market. This type of data often leads to sudden movements in prices, which leveraged markets can have a devastating effect.
Remember this is a market, not a game of chance, and win in the marketplace responds to a good analysis of it, many hours of work, and not a simple riddle of who is right price direction at a given time.
Averaging the European session on Friday, major indexes of the old continent operate with gains of 0.3% on average, while Dow Jones futures show an uptrend in the short term. The same could be confirmed if the data of U.S. employment is positive.
As for currencies, have no relevant movements, as usual in the hours leading up to major reports. The major pairs’ prices have hardly changed since the close of U.S. session on Thursday, and is not expected to change until publication of the jobs report.
To take into account: the Swiss National Bank said, as did the Bank of Japan, who will defend the exchange rate of the franc to 1.20 against the euro as often as necessary. In other words, is imminent intervention of the franc against the euro, and therefore against the dollar. On the side of the BoJ, the situation is similar, and a movement towards 75.55 yen alarms turn ON the intervention. The exchange rate EUR / CHF is 1.2047 at the time, just a few points above the barrier set by the SNB.

The material has been provided by Instaforex Company – instaforex.com

Market Overview
The AUD/USD pair is in bullish mood for last 2 months, Yesterday’s trading day brought this major pair to new 2 months high at 1.0756 level.The AUD/USD pair did not manage to hold this level ,in the  early European session we could observe downward movement to 50EMA support line ( to 1.0677 level). The Aussie finished trading day few pips higher at 1.0710 level.Today price was retesting 50 EMA resistance and on the start of European session bullish mood take this pair to opening price around 1.0710 level. We can expect AUD/USD pair to test yesterdays high before we see bigger upward move.

Breaking News
(USD)Non-Farm Employment Change
(USD)Unemployment Rate
(USD)Average Hourly Earnings m/m
(USD)ISM Non-Manufacturing PMI
(USD)Factory Orders m/m

Support and Resistance levels
(S3) 1.0638 (S2) 1.0668 (S1) 1.0686 (PP) 1.0715 (R1) 1.0745 (R2) 1.0763 (R3) 1.0792

AUD/USD Elliott Wave Analysis
AUD/USD pair finished the wave (2) of the bigger 3 wave at the 1.0668 level starting wave (3). According to our wave rules and taking into consideration that the wave (3) is expected to finish 100% or 161.8% of the wave (1), we can define possible target levels with Fibonacci Extensions (1.1.0568-1.1.0755-1.0668) with take profit 1 (100%) at 1.0870 level, take profit 2(161.8%) at 1.0958 level and stop loss end of the wave 2 located near the 1.0670 level.

Trading Forecast
Concerning the Elliott Wave Rules today the trend is expected to go upwards. That is why it is recommended to open the LONG positions at level 1.0750 with Stop Loss at level 1.0670, Take Profit at level 1.0870 and Take Profit 2 at 1.0958.

The material has been provided by Instaforex Company – instaforex.com

Market Overview
The GBP/USD pair remained within the short-term bullish channel for the last 4 weeks. Yesterday we could observe the pair’s breakdown to 50EMA support around 1.5800 level where this major pair finished trading day. Today we could observe the bullish mood and the upward movement to the 1.5840 level in the early European Session. Price is currently testing resistance line around 1.5860 level. In case level 1.5880 is passed through, the point 1.6030 will be considered the nearest resistance level.

Breaking News
(GBP)Services PMI
(USD)Non-Farm Employment Change
(USD)Unemployment Rate
(USD)Average Hourly Earnings m/m
(USD)ISM Non-Manufacturing PMI
(USD)Factory Orders m/m

Support and Resistance levels
(S3) 1.5756 (S2) 1.5780 (S1) 1.5795 (PP) 1.5819 (R1) 1.5843 (R2) 1.5858 (R3) 1.5882

GBP/USD Elliott Wave Analysis
GBP/USD pair finished the wave (2) of the bigger 3 wave at the 1.5785 level starting wave (3). According to our wave rules and taking into consideration that the wave (3) is expected to finish 100% or 161.8% of the wave (1), we can define possible target levels with Fibonacci Extensions (1.5706-1.5882-1.5785) with take profit 1 (100%) at 1.5960 level, take profit 2(161.8%) at 1.6068 level and stop loss end of the wave 2 located near the 1.5780 level.

Trading Forecast
Concerning the Elliott Wave Rules today the trend is expected to go upwards. That is why it is recommended to open the LONG positions at level 1.5880 with Stop Loss at level 1.5780, Take Profit at level 1.5960 and Take Profit 2 at 1.6068.

The material has been provided by Instaforex Company – instaforex.com