ADP National Employment Report: Private Sector Employment Increased by 154,000 Jobs in September vs. 170,000 consensus putting the USD under pressure.
05 October, AtoZForex – US Economy added 154K jobs in September from August, on a seasonally adjusted basis according to the September ADP NFP figures announcement. The data is below the consensus, which means USD to be under pressure.
The given data is to put the USD under pressure. Especially commodities are to move mostly based on this news.
Since the Crude broke above its resistance line, more and more bulls are to be attracted to the crude oil contracts. Weaker USD also will be supporting more expensive crude oil.
According to my true fibonacci waves theory, there are two significant resistance levels for the crude oil:
Crude oil resistance #1: $51.65 this is the highest high of the June rally as well as 38.2% true Fibonacci wave retracement zone.
Crude oil resistance #2: $57.55 this is 10% True Fibonacci Wave retracement zone and where the bears have the most success rate for the coming period. Thus it is a recommendable sell limit order as well.
Despite the biggest bearish rally since 2013, Gold found its support at its inverse H&S neckline.
Gold support lies at the level of $1268 level in line with the 161.8%True Fibonacci Wave retracement zone an the long term trend-line (red trend line). $1286 is a probably bullish correction wave target for the valuable metal for the time being.