USD Overview

Last Friday, USD strengthened against most major currencies except GBP and JPY.

Last Friday, President Donald Trump announced that he and the first lady Melania Trump have tested positive for COVID-19 and have begun quarantine.

Also, the U.S. House of Representatives approved a $2.2 trillion Democratic COVID-19 relief plan.

The U.S. Non-Farm Payrolls data released last Friday indicated a lower number of jobs than forecasted were added into the economy while unemployment rate continued to fall in September. Every private sector has seen jobs being added while the government sector faces a decline of 216,000 jobs mainly due to the leaving of temporary Census workers.

  • Average Hourly Earnings m/m (Actual: 0.1%, Forecast: 0.5%, Previous: 0.3% revised from 0.4%)
  • Non-Farm Employment Change (Actual: 661K, Forecast: 900K, Previous: 1489K revised from 1371K)
  • Unemployment Rate (Actual: 7.9%, Forecast: 8.2%, Previous: 8.4%)

The ISM Non-Manufacturing PMI data (Forecast: 56.3, Previous: 56.9) will be released later at 2200 (SGT).


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.

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.

Currently, USD/JPY is testing 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.

Over the weekend, UK Prime Minister Boris Johnson and EU Commission President Ursula von der Leyen spoke over a phone call and acknowledged that a post-Brexit trade deal is crucial for both countries. Both parties have also instructed their respective negotiators to close the gaps in their trade talks.

Eurogroup meetings will be carried out today. During this time, there may be volatility in EUR.

The eurozone retail sales m/m data (Forecast: 2.4%, Previous: -1.3%) will be released later at 1700 (SGT).

Currently, EUR/USD is testing the resistance zone of 1.17400 and the next support zone is at 1.15300.
Look for selling opportunities of EUR/USD if it rejects the resistance zone of 1.17400.


GBP/USD Outlook

Overall, GBP/USD is trending downwards. Recently, GBP/USD has been ranging across.

Over the weekend, UK Prime Minister Boris Johnson and EU Commission President Ursula von der Leyen spoke over a phone call and acknowledged that a post-Brexit trade deal is crucial for both countries. Both parties have also instructed their respective negotiators to close the gaps in their trade talks.

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.


USD/CAD Outlook

Overall, USD/CAD is trending upwards.

USD/CAD’s next support zone is at 1.32200 and the next resistance zone is at 1.34200.
Look for short-term selling opportunities of USD/CAD.


GBP/JPY Outlook

Overall, GBP/JPY is trending downwards. Recently, GBP/JPY has been ranging across.

Over the weekend, UK Prime Minister Boris Johnson and EU Commission President Ursula von der Leyen spoke over a phone call and acknowledged that a post-Brexit trade deal is crucial for both countries. Both parties have also instructed their respective negotiators to close the gaps in their trade talks.

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 fails to break the resistance zone of 136.200.


EUR/JPY Outlook

Overall, EUR/JPY is trending downwards. Recently, EUR/JPY bounces up from the key level of 123.

Over the weekend, UK Prime Minister Boris Johnson and EU Commission President Ursula von der Leyen spoke over a phone call and acknowledged that a post-Brexit trade deal is crucial for both countries. Both parties have also instructed their respective negotiators to close the gaps in their trade talks.

Eurogroup meetings will be carried out today. During this time, there may be volatility in EUR.

The eurozone retail sales m/m data (Forecast: 2.4%, Previous: -1.3%) will be released later at 1700 (SGT).

Currently, EUR/JPY is moving towards the key level of 124. Its next support zone is at 121.700 and the next resistance zone is at 124.600.
Look for short-term buying opportunities of EUR/JPY if it breaks 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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