USD Overview

Yesterday, USD weakened against most major currencies except GBP and JPY.

President Trump signed a temporary spending bill into law that will provide support to the needy during the COVID-19 pandemic period. The signing of this bill also prevented a government shutdown.

The U.S. Non-Farm Payrolls data will be released later at 2030 (SGT).

  • Average Hourly Earnings m/m (Forecast: 0.5%, Previous: 0.4%)
  • Non-Farm Employment Change (Forecast: 900K, Previous: 1371K)
  • Unemployment Rate (Forecast: 8.2%, Previous: 8.4%)

NZD/USD Outlook

Overall, NZD/USD is ranging across. Recently, NZD/USD moved higher, breaking above the key level of 0.66.

NZD/USD’s next support zone is at 0.65200 and the next resistance zone is at 0.67600.
Look for short-term buying opportunities of NZD/USD up until the release of the U.S. jobs report at 2030 (SGT).


AUD/USD Outlook

Overall, AUD/USD is trending downwards. Recently, AUD/USD trended higher into the resistance zone of 0.71700.

Currently, AUD/USD is testing the resistance zone of 0.71700 and the next support zone is at 0.69800.
If AUD/USD breaks the resistance zone of 0.71700, look for short-term buying opportunities up until the release of the U.S. jobs report at 2030 (SGT).


USD/JPY Outlook

Overall, USD/JPY is ranging across. Recently, USD/JPY has been hovering above the support zone of 105.400.

USD/JPY’s next support zone is at 105.400 and the next resistance zone is at 106.800.
If USD/JPY bounces off the support zone of 105.400, look for short-term buying opportunities up until the release of the U.S. jobs report at 2030 (SGT).


EUR/USD Outlook

Overall, EUR/USD is trending downwards.

Yesterday European Commission President Ursula von der Leyen announced that “the commission has decided to send a letter of formal notice to the UK government” for breaching the obligations of the Brexit Withdrawal Agreement. The commission’s action is the first step in a legal process that may lead to a lawsuit at the European Court of Justice. Shortly after, it was reported that UK officials are increasingly optimistic in finalizing a Brexit trade deal before the deadline this month.

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

  • CPI Flash Estimate y/y (Forecast: -0.1%, Previous: -0.2%)
  • Core CPI Flash Estimate y/y (Forecast: 0.5%, Previous: 0.4%)

Currently, EUR/USD is testing the resistance zone of 1.17400 and the next support zone is at 1.15300.
If EUR/USD rejects the resistance zone of 1.17400, look for short-term selling opportunities of EUR/USD up until the release of the U.S. jobs report at 2030 (SGT).


GBP/USD Outlook

Overall, GBP/USD is trending downwards. Recently, GBP/USD’s movement was highly volatile due to the rising tension between the UK and the EU over the Brexit trade deal.

Yesterday European Commission President Ursula von der Leyen announced that “the commission has decided to send a letter of formal notice to the UK government” for breaching the obligations of the Brexit Withdrawal Agreement. The commission’s action is the first step in a legal process that may lead to a lawsuit at the European Court of Justice. Shortly after, it was reported that UK officials are increasingly optimistic in finalizing a Brexit trade deal before the deadline this month.

GBP/USD’s next support zone is at 1.28000 and the next resistance zone is at 1.30200.
Look for short-term selling opportunities of GBP/USD up until the release of the U.S. jobs report at 2030 (SGT).


USD/CAD Outlook

Overall, USD/CAD is trending upwards. Recently, USD/CAD bounced off the resistance zone of 1.34200.

Currently, USD/CAD is testing to break above the key level of 1.33. Its next support zone is at 1.32200 and the next resistance zone is at 1.34200.
If USD/CAD bounces off the key level of 1.33, look for short-term selling opportunities up until the release of the U.S. jobs report at 2030 (SGT).


GBP/JPY Outlook

Overall, GBP/JPY is trending downwards. Recently, GBP/JPY’s movement was highly volatile due to the rising tension between the UK and the EU over the Brexit trade deal.

Yesterday European Commission President Ursula von der Leyen announced that “the commission has decided to send a letter of formal notice to the UK government” for breaching the obligations of the Brexit Withdrawal Agreement. The commission’s action is the first step in a legal process that may lead to a lawsuit at the European Court of Justice. Shortly after, it was reported that UK officials are increasingly optimistic in finalizing a Brexit trade deal before the deadline this month.

Currently, GBP/JPY is testing the resistance zone of 136.200 and the next support zone is at 133.780.
Due to ongoing Brexit trade talks that may create price volatility, look for short-term selling opportunities of GBP/JPY if it bounces off the resistance zone of 136.200.


EUR/JPY Outlook

Overall, EUR/JPY is trending downwards. Recently, EUR/JPY has been ranging across the key level of 124.

Yesterday European Commission President Ursula von der Leyen announced that “the commission has decided to send a letter of formal notice to the UK government” for breaching the obligations of the Brexit Withdrawal Agreement. The commission’s action is the first step in a legal process that may lead to a lawsuit at the European Court of Justice. Shortly after, it was reported that UK officials are increasingly optimistic in finalizing a Brexit trade deal before the deadline this month.

Currently, EUR/JPY is testing to break above the key level of 124. Its next support zone is at 121.700 and the next resistance zone is at 124.600.
Look for selling opportunities of EUR/JPY if it fails to break above the key level of 124.


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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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