USD Overview

Yesterday, USD weakened against most major currencies except JPY.

The ISM Manufacturing PMI data (Forecast: 54.6, Previous: 54.2) will be released later at 2200 (SGT).


NZD/USD Outlook

Overall, NZD/USD is trending upwards. Recently, NZD/USD’s uptrend has stagnated.

NZD/USD’s next support zone is at 0.66700 and the next resistance zone is at 0.69000.
Look for buying opportunities of NZD/USD.


AUD/USD Outlook

Overall, AUD/USD is trending upwards.

The Australian Building Approvals m/m data (Actual: 12.0%, Forecast: -0.9%, Previous: -4.2% revised from -4.9%) released earlier today indicated an increase in the number of building approvals in July, the first increase in five months ever since the pandemic hit.

The Reserve Bank of Australia (RBA) will be announcing their interest rate decision later at 1230 (SGT). It is widely expected that the central bank will be holding interest rate unchanged at 0.25%. However, due to the return of the lockdown measures in Victoria, the RBA may highlight the need for more monetary policy easing measures to be carried out.

The Australian GDP q/q data (Forecast: -6.0%, Previous: -0.3%) will be released tomorrow at 0930 (SGT).

Currently, AUD/USD is testing the resistance zone of 0.73700 and the next support zone is at 0.72500.
If the RBA downplays the severity of the negative impact caused by Victoria’s lockdown, look for buying opportunities of AUD/USD if it breaks the resistance zone of 0.73700.


USD/JPY Outlook

Overall, USD/JPY is ranging across. Recently, USD/JPY bounced down from the key level of 106.

USD/JPY’s support zone is at 104.400 and the next resistance zone is at 106.800.
Look for selling opportunities of USD/JPY.


EUR/USD Outlook

Overall, EUR/USD is ranging across.

The German Preliminary CPI m/m data (Actual: -0.1%, Forecast: 0.0%, Previous: -0.5%) released yesterday indicated a slowdown in the decline of inflation in August.

The eurozone CPI flash estimate y/y and unemployment rate data will be released later at 1700 (SGT).

  • CPI Flash Estimate y/y (Forecast: 0.2%, Previous: 0.4%)
  • Core CPI Flash Estimate y/y (Forecast: 0.9%, Previous: 1.2%)
  • Unemployment Rate (Forecast: 8.0%, Previous: 7.8%)

Currently, EUR/USD is breaking above the resistance zone of 1.19200 next the next support zone is at 1.17200.
Look for buying opportunities of EUR/USD if it breaks the resistance zone of 1.19200.


GBP/USD Outlook

Overall, GBP/USD is trending upwards. Recently, GBP/USD trended higher into the key level of 1.34.

Currently, GBP/USD is testing to break above the key level of 1.34. Its next support zone is at 1.32200 and the next resistance zone is at 1.34600. Look for buying opportunities of GBP/USD if it breaks above the key level of 1.34.


USD/CAD Outlook

Overall, USD/CAD is trending downwards.

The Canadian Manufacturing PMI data (Forecast: NA, Previous: 52.9) will be released later at 2130 (SGT).

USD/CAD’s next support zone is at 1.29800 and the next resistance zone is at 1.31800.
Look for selling opportunities of USD/CAD.


GBP/JPY Outlook

Overall, GBP/JPY is trending upwards.

Currently, GBP/JPY is testing to break above the resistance zone of 141.200 and its next support zone is at 138.200.
Look for buying opportunities of GBP/JPY if it breaks the resistance zone of 141.200.


EUR/JPY Outlook

Overall, EUR/JPY is trending upwards. Recently, EUR/JPY trended into the resistance zone of 126.500.

The German Preliminary CPI m/m data (Actual: -0.1%, Forecast: 0.0%, Previous: -0.5%) released yesterday indicated a slowdown in the decline of inflation in August.

The eurozone CPI flash estimate y/y and unemployment rate data will be released later at 1700 (SGT).

  • CPI Flash Estimate y/y (Forecast: 0.2%, Previous: 0.4%)
  • Core CPI Flash Estimate y/y (Forecast: 0.9%, Previous: 1.2%)
  • Unemployment Rate (Forecast: 8.0%, Previous: 7.8%)

Currently, EUR/JPY is testing the resistance zone of 126.500 and the next support zone is at 124.200.
Look for 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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