ZuluTrade Blog

ADP Report: 20M Jobs Lost in April

Market View | Wednesday, May 6, 2020 4:38 PM GMT

US Indices remain stable currently after ADP employment report in which reported that the private sector sheds 20.2 million jobs in April due to coronavirus outbreak. The epidemic kept the customers inside their homes while many businesses were forced to close caused by the lockdown. The payment processor, Automatic Data Processing Inc. said that most of the companies proceeded to payroll cuts too. Analysts were expecting worse numbers which justifies the market’s reaction.

Reviewing the technicals, SP500 bounced at 50% while the 61.8% remains a major resistance.NAS100 (Nasdaq) is moving higher than SP500 as it’s moving inside the 61.8% to 78.6% area. GER30 (DAX) closed its gap and consolidates below 38.2% Fibonacci level.

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SP500 Hourly chart

NAS100 Hourly chart

GER30 Hourly chart

Heading to the forex market, EURUSD bounced at 78.6% level after a strong bearish move. Level 1.08329 is short-term resistance. GBPUSD violated 61.8% to the downside and reversed as RSI (14) got oversold. GBPJPY is violating major daily support which can be a bearish indication.

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EURUSD Hourly chart

 GBPUSD Hourly chart

 GBPJPY daily chart

Checking the ZuluTrade’s Traders Sentiment, the community is buying USDCHF and GBPUSD while is selling GBPJPY and USDCAD.

In focus today (economic calendar):

United States Fed Bostic Speech


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