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NFP Friday with everyone on tenterhooks | 8204 8185 support | 8244 8280 resistance

#1 · 6th September 2024, 10:40 am

Technical analysis for FTSE 100 for 6th September 2024

Today is NFP news at 1330 and the markets have been on tenterhooks this week ahead of that, as it will give more clue on the imminent rate cuts or not. The forecast is 164k, up from 114k previously, while unemployment is forecast to have dropped 0.1% to 4.2%. They will come after a private report from ADP on Thursday showed the US added the fewest jobs since 2021. The payrolls data will help determine whether the Fed can lower borrowing costs by a quarter-point this month — or deliver a larger, half-point reduction.. Ahead of the report, traders are fully pricing a smaller cut but continue to see some chance of a bigger move.

Initially today we may well see another test of the 8200 area and with S1 aligning with the previous low at 8204 we may well then see a bounce here. The bulls will be keen to defend the 8200 level, along with daily support at 8190 and the key fib at 8186.

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