USD Overview

Yesterday, USD weakened against most major currencies except JPY.

The ISM Non-Manufacturing PMI data (Actual 57.8, Forecast: 56.3, Previous: 56.9) released yesterday indicated a fourth consecutive month of expansion in the services industry. The positive result in September also concluded that the services sector in the third quarter will make great contributions to the economic growth, speeding up the recovery from the pandemic.

Earlier today, President Donald Trump announced his departure from Walter Reed Medical Center where he received treatment on COVID-19.

Federal Reserve Chairman Powell will be speaking about the U.S. economic outlook tonight at 2240 (SGT). During this time, there may be volatility in USD.


NZD/USD Outlook

Overall, NZD/USD is ranging across.

NZD/USD’s next support zone is at 0.65200 and the next resistance zone is at 0.67600.
Look for buying opportunities of NZD/USD.


AUD/USD Outlook

Overall, AUD/USD is ranging across.

The Reserve Bank of Australia (RBA) will be announcing their interest rate decision later at 1130 (SGT). Although there are speculations that the central bank will be cutting interest rate after RBA’s Deputy Governor Debelle highlighted its possibility in a speech last month, it is likely that the RBA will hold back on any potential changes in monetary policy until the November meeting as the country’s annual budget will be released later at 1630 (SGT). The holding back will allow the central bank to better assess the economic and pandemic situation before making any decision.

Currently, AUD/USD is testing the resistance zone of 0.71700 and the next support zone is at 0.69800.
Look for buying opportunities of AUD/USD if it breaks the resistance zone of 0.71700.


USD/JPY Outlook

Overall, USD/JPY is ranging across. Recently, USD/JPY bounced off the support zone of 105.400.

Currently, USD/JPY moving towards the support zone of 105.400 and the next resistance zone is at 106.800.
Look for buying opportunities of USD/JPY if it bounces off the support zone of 105.400.


EUR/USD Outlook

Overall, EUR/USD is ranging across. Recently, EUR/USD broke the resistance zone of 1.17400.

The eurozone retail sales m/m data (Actual: 4.4%, Forecast: 2.4%, Previous: -1.8% revised from -1.3%) released yesterday indicated a strong increase in consumer spending in euro area in August due to the relaxation of COVID-19 containment measures in several European countries.

European Central Bank President Lagarde will be speaking at the Wall Street Journal’s online CEO Summit later at 1635 (SGT). She will also be participating in a virtual panel discussion at 2100 (SGT). During these times, there may be volatility in EUR.

Currently, EUR/USD is moving towards the key level of 1.18. Its next support zone is at 1.17400 and the next resistance zone is at 1.19700.
Look for buying opportunities of EUR/USD.


GBP/USD Outlook

Overall, GBP/USD is trending downwards. Recently, GBP/USD trended higher towards the resistance zone of 1.30200.

The UK construction PMI data (Forecast: 54.0, Previous: 54.6) will be released later at 1630 (SGT).

Currently, GBP/USD is moving towards the resistance zone of 1.30200 and the next support zone is at 1.28000.
Look for short-term buying opportunities of GBP/USD if it breaks the resistance zone of 1.30200.


USD/CAD Outlook

Overall, USD/CAD is trending upwards.

The Canadian trade balance data (Forecast: -2.1B, Previous: -2.5B) will be released later at 2030 (SGT).

Currently, USD/CAD is moving towards the next support zone of 1.32200 and the next resistance zone is at 1.34200.
Look for selling opportunities of USD/CAD if it breaks the support zone of 1.32200.


GBP/JPY Outlook

Overall, GBP/JPY is trending downwards. Recently, GBP/JPY trended higher, breaking the resistance zone of 136.200.

The UK construction PMI data (Forecast: 54.0, Previous: 54.6) will be released later at 1630 (SGT).

GBP/JPY’s next support zone is at 136.200 and the next resistance zone is at 138.100.
Look for short-term buying opportunities of GBP/JPY.


EUR/JPY Outlook

Overall, EUR/JPY is trending downwards. Recently, EUR/JPY trended higher into the resistance zone of 124.600.

The eurozone retail sales m/m data (Actual: 4.4%, Forecast: 2.4%, Previous: -1.8% revised from -1.3%) released yesterday indicated a strong increase in consumer spending in euro area in August due to the relaxation of COVID-19 containment measures in several European countries.

European Central Bank President Lagarde will be speaking at the Wall Street Journal’s online CEO Summit later at 1635 (SGT). She will also be participating in a virtual panel discussion at 2100 (SGT). During these times, there may be volatility in EUR.

Currently, EUR/JPY is testing the resistance zone of 124.600 and the next support zone is at 121.700.
Look for buying opportunities of EUR/JPY if it breaks the resistance zone of 124.600.


close

Get notified when there is a new post. Read new post to earn 10 points!

1 Star2 Stars3 Stars4 Stars5 Stars (4 votes, average: 5.00 out of 5)
Loading...

Rate an article for points!

By Jin Dao Tai

JinDao Tai is an Entrepreneur, Award-Winning Forex Coach & Trainer, International Speaker and Multi-Million Dollar Trader. Starting out his career as an economic & financial consultant in Australia, one day he decided to change his life and pivoted into multiple entrepreneurship endeavours and eventually into managing a multi-million dollar portfolio.

Leave a Reply

Your email address will not be published. Required fields are marked *