US ADP Nonfarm Employment Change (Oct) rises to 230K , dollar remains upward !

The ADP National Employment Report is a measure of the monthly change in non-farm, private employment, based on the payroll data of approximately 400,000 U.S. business clients. The release, two days ahead of government data, is a good predictor of the government’s non-farm payroll report. The change in this indicator can be very volatile.

Usual Effect: A high reading or a better than expected number is seen as positive for the USD, while a low reading is negative.

Frequency: Released monthly, about 2 days after the month ends.

Last Read :225K

Expectations : 220K

Actual : 230K

Volatility : Various from month to month !! (sometimes high volatility , sometimes medium volatility). 

Market Impact :A reading between 220K : 230K is likely to bring sideways move with possible to break higher , buy USD on dips !

Technical Outlook : Intraday outlook in USDINDEX remains on the upside as long as 87.50/86.96 holds on a 4 hour closing basis , next resistance comes at the 88.00 levels ahead of the 88.50/89.00 levels.Below 86.96 would delay the bullish move for retesting the 86.55/86.06 levels before the next rise…

Recommendations : buy USD on dips….