Better ADP jobs report

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By :  ,  Financial Analyst

Better ADP jobs report

The Automatic Data Processing (ADP) jobs report showed that the U.S. economy added 749,000 private jobs in September, better than +649,000 expected. Investors were also optimistic over a new economic stimulus package, although U.S. Treasury Secretary Steven Mnuchin said there was still no agreement on a deal after a meeting with House Speaker Nancy Pelosi.

From a technical point of view, on a daily chart, Dollar Index is trading within a bullish channel and stands above its 50-day moving average (in blue). The daily RSI stands within its buying area. Readers may therefore consider the potential for further advance as long as 92.75 is not broken to the downside. The nearest resistance would be set at September top at 94.75. A second one would be set at previous overlap at 95.70.

Source: TradingView, GAIN Capital

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