U.S. ADP Non-Farm Employment Change And FOMC Meeting Minutes In Focus Today

Headlines the Economic Calendar on Wednesday

US ADP Non-Farm Employment Change: We will focus on the release of ADP’s measure of private-sector employment for June. The ADP data is expected to rise by 3.000K last month. A higher than expected reading should be taken as positive for the US Dollar.

US ISM Manufacturing PMI: US ISM Manufacturing PMI for June is expected to rise to 49.5 from 43.1 in the previous month.

US Crude Oil Inventories: US Crude oil stocks are expected to decline by -0.710M this week. Note that oil stocks rise by 1.442M barrels in last week.

FOMC Meeting Minutes: The minutes of the FOMC meeting due Wednesday is expected to provide investors with an insight into the Fed thinking on monetary policy

In the previous meeting, the Federal Reserve left its benchmark rate unchanged in the range of 0% to 0.25% and said the U.S. economy will shrink 6.5% this year, and the unemployment rate will be 9.3% by the end of the year. We can use our tools to support the labor market and the economy, and we can use them until we fully recover, Fed Chair Jerome Powell said.

EUR/USD: Ahead of US ADP Non-Farm Employment Change, the EUR/USD pair is now trading below 1.1237 main level. As long as the pair stays below 1.1237, on a four hourly basis, we will follow the support level at 1.1165. On the upside, if the pair goes beyond 1.1237, the next resistance level can be seen at 1.1307

Support: 1.1165 - 1.1114 - 1.1052
Resistance: 1.1237 - 1.1307 - 1.1365

GBP/USD: The GBP/USD pair showed an upward movement and moved up above the main support level of 1.2364. As long as the pair stays above 1.2364 on a daily basis, the upward movement may continue, we will see 1.2428 and 1.2502 as resistance levels. On the other hand, if the price drops below 1.2364, we will see the next support level at 1.2286.

Support: 1.2364 - 1.2286 - 1.2205
Resistance : 1.2428 - 1.2502 - 1.2572

USD/JPY: Focus on the 107.52 main support level in the USD/JPY pair. As long as the pair stays above 107.52, on a four hourly basis, the daily resistance levels can be found at 107.82 and 108.14. In contrast, if the price drops below 107.52, the next support level will be at 107.22.

Support : 107.52 - 107.22 - 108.98
Resistance: 107.82 - 108.18 - 108.52

Silver: The silver Price surged yesterday and moved up above the 18.16 main support level. As long as the price stays above 18.16, on a four hourly basis, the rise may continue and we will see resistance level at 18.61. On the downside, if the price falls below 18.16, the next support level can be seen at 17.63.

Support: 18.16 - 17.63 - 17.11
Resistance: 18.61 - 19.04 - 19.55

GBP/JPY: We are closely watching on the 132.96 main support level in the GBP/JPY pair. As long as the pair stays above 132.96 on a four hourly basis, we will see 134.03 as a resistance level. On the other hand, if the pair drops below 132.96, the next daily support level will be placed at 132.19

Support: 132.96 - 132.19 - 131.50
Resistance: 134.03 - 135.15 - 136.01

WTI: The Crude Oil Price is moving up towards the 40.70 daily resistance level. In order for the upward movement to gain more momentum, it needs to stay above 40.70 on a daily basis. At this point, we will face 43.88 as the next resistance level. Otherwise, the key support level can be found at 37.78

Support: 37.78 - 34.34 - 31.25
Resistance: 40.70 - 43.88 - 47.63