USD Overview

Yesterday, USD strengthened against most major currencies except JPY and CHF.

The ISM Non-Manufacturing PMI data (Actual: 56.9, Forecast: 57.0, Previous: 58.1) released yesterday indicated that the services sector continues to grow in August for the third consecutive month.

The U.S. jobs report will be released later at 2030 (SGT).

  • Average Hourly Earnings m/m (Forecast: 0.0%, Previous: 0.2%)
  • Non-Farm Employment Change (Forecast: 1375K, Previous: 1763K)
  • Unemployment Rate (Forecast: 9.8%, Previous: 10.2%)

NZD/USD Outlook

Overall, NZD/USD is trending upwards. Recently, NZD/USD moved lower into the key level of 0.67.

Currently, NZD/USD is hovering around the key level of 0.67. Its next support zone is at 0.66700 and the next resistance zone is at 0.69000.
Look for short-term selling opportunities of NZD/USD up until the release of the U.S. jobs report later at 2030 (SGT).


AUD/USD Outlook

Overall, AUD/USD is trending upwards. Recently, AUD/USD moved lower, breaking below the key level of 0.73 and bounced off the support zone of 0.72500.

The Australian Retail Sale m/m data (Actual: 3.2%, Forecast: 3.3%, Previous: 3.3%) released earlier today indicated that consumer spending during July remained around the same level as in the previous month.

AUD/USD’s next support zone is at 0.72500 and the next resistance zone is at 0.73800.
Look for short-term selling opportunities of AUD/USD up until the release of the U.S. jobs report later at 2030 (SGT).


USD/JPY Outlook

Overall, USD/JPY is ranging across.

USD/JPY’s next support zone is at 105.400 and the next resistance zone is at 106.800.
Look for short-term selling opportunities of USD/JPY up until the release of the U.S. jobs report later at 2030 (SGT).


EUR/USD Outlook

Overall, EUR/USD is ranging across. Recently, EUR/USD bounced up from the key level of 1.18.

The euro area Retail Sales m/m data (Actual: -1.3%, Forecast: 1.3%, Previous: 5.7%) released yesterday indicated a decline in consumer spending in the month of July.

EUR/USD’s next support zone is at 1.17200 and the next resistance zone is at 1.19700.
Look for short-term selling opportunities of EUR/USD up until the release of the U.S. jobs report later at 2030 (SGT).


GBP/USD Outlook

Overall, GBP/USD is trending upwards. Recently, GBP/USD bounced off the support zone of 1.32200.

The UK Construction PMI data (Forecast: 58.5, Previous: 58.1) will be released later at 1630 (SGT).

Currently, GBP/USD is moving towards the key level of 1.33. Its next support zone is at 1.32200 and the next resistance zone is at 1.34600.
If GBP/USD bounces down from the key level of 1.33, look for short-term selling opportunities up until the release of the U.S. jobs report later at 2030 (SGT).


USD/CAD Outlook

Overall, USD/CAD is trending downwards. Recently, USD/CAD moved higher and bounced off the resistance zone of 1.31800.

The Canadian Trade Balance data (Actual: -2.5B, Forecast: -2.5B, Previous: -1.6B revised from -3.2B) released yesterday indicated an increase in Canadian trade deficit for the month of July.

USD/CAD’s next support zone is at 1.29800 and the next resistance zone is at 1.31800.
Look for short-term selling opportunities of USD/CAD up until the release of the U.S. jobs report later at 2030 (SGT).


GBP/JPY Outlook

Overall, GBP/JPY is trending upwards. Recently, GBP/JPY broke the support zone of 141.200.

The UK Construction PMI data (Forecast: 58.5, Previous: 58.1) will be released later at 1630 (SGT).

Currently, GBP/JPY is testing the resistance zone of 141.200 and the next support zone of 138.200.
Look for selling opportunities of GBP/JPY if it rejects the resistance zone of 141.200.


EUR/JPY Outlook

Overall, EUR/JPY is ranging across. Recently, EUR/JPY tested and failed to break above the key level of 126.

The euro area Retail Sales m/m data (Actual: -1.3%, Forecast: 1.3%, Previous: 5.7%) released yesterday indicated a decline in consumer spending in the month of July.

Currently, EUR/JPY is moving towards the key level of 126. Its next support zone is at 124.600 and the next resistance zone is at 126.700.
Look for selling opportunities of EUR/JPY if it bounces down from the key level of 126.


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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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