Daily F.X. Analysis, November 4– Top Trade Setups In Forex - NFP Supports the Dollar!  

On Monday, the U.S. dollar seems to trade with a neutral bias following better than expected economic data. The Unemployment Rate ticked higher 3.6% from the previous month's 3.5%. And Average Hourly Earnings also dropped to 0.2% from the expectations of 0.3%. The decline in Manufacturing Business activity from the United States put pressure on the U.S. Dollar while the ISM Manufacturing PMI dropped for the month of October to 48.3 from expected 49.0.

Economic Calendar -NFP Supports the Dollar!  

BTC/USD - Daily Analysis

The Bitcoin soared to trade higher to drop lower from high of $9,512 to sell at $9,170. The BTC/USD has fallen 2% on Tuesday, and after the beginning of the day, the BTC is consolidating within a short range of 9400 - 8985.

One of the reasons Bitcoin is demanded is its potential for freedom from the banking system, which is clearly in trouble. Banks keep their clients to ransom when services are drawn. This is precisely what is passing now in China as residents hurry to withdraw their savings.

BTC/USD - Daily Technical Levels

Support    Resistance 

9,157.11        9,627.45

8,889.01      9,829.69

8,418.67     10,300.03

Key Trading Level: 9,359.35

BTC/USD – Daily Forecast

The technical side of the BTC/USD hasn't changed over the weekend as it continues to trade below the 23 .6% Fibonacci support level of 9,345. The leading cryptocurrency pair is now likely to gain support above 38.2% Fibonacci support level of 8,985. The bearish breakout of 8,985 level can extend selling until 8,675 whereas, the bullish breakout can lead Bitcoin prices to 9650. Within 9400 - 8985, the pair is likely to trade choppy.

EUR/USD – 1.1100 Stays In Eyes

 The EUR/USD Prices closed at 1.11648 after placing a high of 1.11718 and low of 1.11281. Overall the movement of the pair remained Bullish that day.

Due to a lack of macroeconomic data from the Eurozone because of Bank Holiday, EUR/USD was totally dependant on U.S. dollars for movement in financial markets on Friday.

At an early trading session on the ending day of the week, the pair EUR/USD dropped after the release of Non-Farm Employment Change from the United States at 17:30 GMT. The bigger than expected job creations from the U.S. in this prevailing tense conditions gave a boost to U.S. Dollar and pushed EUR/USD in a downward direction. U.S. Labour Department created almost 128K jobs in October against the expectations of 90K.

But at 19:00 GMT, the decline in Manufacturing Business activity from the United States put pressure on U.S. Dollar and gave strength to EUR/USD. The ISM Manufacturing PMI dropped for the month of October to 48.3 from expected 49.0.

Other data revealed that for this month, the Unemployment Rate ticked higher 3.6% from the previous month's 3.5%. And Average Hourly Earnings also dropped to 0.2% from the expectations of 0.3%.

The more negative and unsupportive data from America pushed U.S. Dollar and raised EUR/USD at the ending day of the week and gave it a Bullish Candle.

From Eurozone, the new European Central Bank Head, Christine Lagarde, would give her speech on Monday. Traders would closely watch her first speech as her comments would suggest her views to react in the slowing growth in the bloc.   

EUR/USD - Daily Technical Levels

Support Resistance 

1.1104     1.1178

1.1055     1.1203

1.0981     1.1277

Key Trading Level: 1.1129

EUR/USD – Daily Forecast

The EUR/USD technical analysis remains mostly the same as the pair hasn't been able to violate the ascending triangle pattern. On the 4 hour chart, the EUR/USD is likely to test and form a triple top level at 1.1175 area. Closing of candles below this is expected to keep the EUR/USD bearish below 1.1175 level. Besides, the bullish breakout of this level will open further room for buying until 1.1230. The bullish sentiment seems stronger today.

GBP/USD - Sideways Range In-Play

The GBP/USD Prices were closed at 1.29337 after placing a high of 1.29725 and low of 1.29262. Overall the movement of GBP/USD remained Bullish that day.

The Manufacturing PMI from United Kingdom at 14:30 GMT showed growth in October to 49.6 from 48.3 of the previous month. The increased Business activity from the U.K. gave strength to Pound on Friday.

The Strong Sterling gave strength to GBP/USD on Friday, and the pair started to move in an upward direction. The Brexit news further supported the upside trend of GBP/USD.

The latest polls from the U.K. released on Thursday showed that PM Boris Johnson's Conservative Party was getting stronger with increased support from Parliament against the opposition Labor Party. This boosted the hopes that Johnson's version of Brexit deal would win, and traders seem to like this scenario as the No-deal Brexit is out of the question now.

The increasing odds of PM Boris Johnson to win elections in December and hols his position supported Pound. The pair's strength was also caused by the expectations that U.K. Prime Minister, Boris Johnson, has strong ties with the United States, and that would be beneficial for Good Trade relations in the future.

The decline in manufacturing activities of the United States on Friday also added in the upward direction of GBP/USD. For the month of October, the ISM Manufacturing PMI dropped to 48.3 and weighed U.S. dollars.

GBP/USD - Daily Technical Levels

Support Resistance 

1.2862     1.2926

1.2822     1.2949

1.2758     1.3013

Key Trading Level: 1.2885

GBP/USD – Daily Forecast

The Cable also traded in line with the forecast, holding above 1.2920 support level and below 1.2945. On Monday, the GBP/USD may find an immediate resistance at 1.2950 level, and above this, 1.3010 will be in focus. On the lower side, 1.2906 is likely to keep the GBP/USD supported today.

All the best for today.