USD Overview

Yesterday, USD strengthened against most major currencies except for AUD, NZD and CAD.

During day 1 of the Jackson Hole Symposium, Fed Chairman Jerome Powell announced the adoption of Average Inflation Targeting, which will allow inflation to hit above the Fed’s 2% target for a period of time. This announcement led to optimism in the U.S. economy, causing the market to go risk-on and induce a drop in demand of safe-haven assets like the USD.

The U.S. Preliminary GDP q/q (Actual: -31.7%, Forecast: -32.5%, Previous: -32.9%) data released yesterday indicated a slight upwards revision of economic growth during the second quarter. Today is the second day of the Jackson Hole Symposium. During this time, volatility is expected.


NZD/USD Outlook

Overall, NZD/USD is trending downwards. Recently, NZD/USD broke the resistance zone of 0.65500.

Today is the second day of the Jackson Hole Symposium. During this time, volatility is expected.
The New Zealand ANZ Business Confidence data (Forecast: NA, Previous: -42.2) will be released next Monday at 0900 (SGT).

NZD/USD’s support zone is at 0.65500 and the next resistance zone is at 0.67000.
With the risk-on rally sparked by the FOMC’s adoption of Average Inflation Targeting and the optimistic view of the U.S. economy, look for short-term buying opportunities of NZD/USD.


AUD/USD Outlook

Overall, AUD/USD is ranging across.

Today is the second day of the Jackson Hole Symposium. During this time, volatility is expected.

Currently, AUD/USD is testing to break the resistance zone of 0.72500 and the next support zone is at 0.71000.
With the risk-on rally sparked by the FOMC’s adoption of Average Inflation Targeting and the optimistic view of the U.S. economy, look for short-term buying opportunities of AUD/USD if it breaks the resistance zone of 0.72500.


USD/JPY Outlook

Overall, USD/JPY is trending upwards. Recently, USD/JPY broke above the key level of 106 and moved into the resistance zone of 106.800.

Japanese Prime Minister Shinzo Abe will be holding a press conference today from 1600 (SGT). The Prime Minister is expected to announce new measures against COVID-19. He is also expected to address concerns about his health.
Today is the second day of the Jackson Hole Symposium. During this time, volatility is expected.

Currently, USD/JPY is testing the resistance zone of 106.800 and the next support zone is at 104.400.
With the risk-on rally sparked by the FOMC’s adoption of Average Inflation Targeting and the optimistic view of the U.S. economy, look for short-term buying opportunities of USD/JPY if it breaks the resistance zone of 106.800.


EUR/USD Outlook

Overall, EUR/USD is ranging across.

The French preliminary CPI m/m and GDP q/q data will be released later at 1445 (SGT).

  • French Preliminary CPI m/m (Forecast: -0.2%, Previous: 0.4%)
  • French Preliminary GDP q/q (Forecast: -13.8%, Previous: -13.8%)

Today is the second day of the Jackson Hole Symposium. During this time, volatility is expected.

EUR/USD’s next support zone is at 1.17200 and the next resistance zone is at 1.19200.
With the risk-on rally sparked by the FOMC’s adoption of Average Inflation Targeting and the optimistic view of the U.S. economy, look for short-term buying opportunities of EUR/USD.


GBP/USD Outlook

Overall, GBP/USD is trending upwards.

Bank of England Governor Andrew Bailey will be speaking at the Jackson Hole Symposium later at 2105 (SGT). During this time, volatility is expected.
UK banks will be closed next Monday in observance of Summer Bank Holiday. Expect lower trading volume and volatility.

Currently, GBP/USD testing the resistance zone of 1.32200 and the next support zone is at 1.30000. With the risk-on rally sparked by the FOMC’s adoption of Average Inflation Targeting and the optimistic view of the U.S. economy, look for short-term buying opportunities of GBP/USD if it breaks the resistance zone of 1.32200.


USD/CAD Outlook

Overall, USD/CAD is trending downwards.

Today is the second day of the Jackson Hole Symposium. During this time, volatility is expected.

USD/CAD’s next support zone is at 1.29800 and the next resistance zone is at 1.31800. With the risk-on rally sparked by the FOMC’s adoption of Average Inflation Targeting and the optimistic view of the U.S. economy, look for short-term selling opportunities of USD/CAD.


GBP/JPY Outlook

Overall, GBP/JPY is trending upwards.

Japanese Prime Minister Shinzo Abe will be holding a press conference today from 1600 (SGT). The Prime Minister is expected to announce new measures against COVID-19. He is also expected to address concerns about his health.
Bank of England Governor Andrew Bailey will be speaking at the Jackson Hole Symposium later at 2105 (SGT). During this time, volatility is expected.
UK banks will be closed next Monday in observance of Summer Bank Holiday. Expect lower trading volume and volatility.

Currently, GBP/JPY is moving towards the resistance zone of 141.400 and its next support zone is at 139.000.

Look for short-term buying opportunities of GBP/JPY if it breaks the resistance zone of 141.400.


EUR/JPY Outlook

Overall, EUR/JPY is trending upwards.

The French preliminary CPI m/m and GDP q/q data will be released later at 1445 (SGT).

  • French Preliminary CPI m/m (Forecast: -0.2%, Previous: 0.4%)
  • French Preliminary GDP q/q (Forecast: -13.8%, Previous: -13.8%)

Japanese Prime Minister Shinzo Abe will be holding a press conference today from 1600 (SGT). The Prime Minister is expected to announce new measures against COVID-19. He is also expected to address concerns about his health.
Today is the second day of the Jackson Hole Symposium. During this time, volatility is expected.

Currently, EUR/JPY is moving towards the resistance zone of 126.500 and the next support zone is at 124.200.

Look for short-term buying opportunities of EUR/JPY if it breaks the resistance zone of 126.500.


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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.

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