USD Overview

Last Friday, USD weakened against most major currencies except EUR, JPY and CHF.

The U.S. jobs report released last Friday indicated continued recovery in the job market. 1.37 million jobs were added in August while unemployment rate declined way below expectation. Average hourly earnings rose as opposed to the expected decline.

  • Average Hourly Earnings m/m (Actual: 0.4%, Forecast: 0.0%, Previous: 0.1% revised from 0.2%)
  • Non-Farm Employment Change (Actual: 1371K, Forecast: 1375K, Previous: 1734K revised from 1763K)
  • Unemployment Rate (Actual: 8.4%, Forecast: 9.8%, Previous: 10.2%)

U.S. banks will be closed today in observance of Labor Day. Expect lower trading volatility and volume.


NZD/USD Outlook

Overall, NZD/USD is trending upwards.

Currently, NZD/USD is testing to break below the key level of 0.67. Its next support zone is at 0.65200 and the next resistance zone is at 0.67600.
Look for selling opportunities of NZD/USD.


AUD/USD Outlook

Overall, AUD/USD is trending upwards. Recently, AUD/USD bounced off the support zone of 0.72500.

AUD/USD’s next support zone is at 0.72500 and the next resistance zone is at 0.73800.
Look for selling opportunities of AUD/USD.


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 buying opportunities of USD/JPY.


EUR/USD Outlook

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

EUR/USD’s next support zone is at 1.17200 and the next resistance zone is at 1.19700.
Look for selling opportunities of EUR/USD.


GBP/USD Outlook

Overall, GBP/USD is trending upwards. Recently, GBP/USD moved into the support zone of 1.32200.

The UK Construction PMI data (Actual: 54.6, Forecast: 58.5, Previous: 58.1) released last Friday indicated a slowdown in the expansion of the construction sector.

Currently, GBP/USD is testing the support zone of 1.32200 and the next resistance zone is at 1.34600.
Look for selling opportunities if GBP/USD breaks the support zone of 1.32200.


USD/CAD Outlook

Overall, USD/CAD is trending downwards. Recently, USD/CAD broke below the key level of 1.31.

The Canadian employment data released last Friday indicated that jobs are still being added in August while unemployment rate remains around the same level as July.

  • Employment Change (Actual: 245.8K, Forecast: 262.5K, Previous: 418.5K)
  • Unemployment Rate (Actual: 10.2%, Forecast: 10.1%, Previous: 10.9%)

Canadian banks will be closed today in observance of Labor Day. Expect lower trading volatility and volume.

Earlier today, Saudi Arabia made the deepest monthly price cuts for supply to Asia due to a decrease in optimism on demand recovery of oil prices.

Currently, USD/CAD is testing to break above the key level of 1.31. Its next support zone is at 1.29800 and the next resistance zone is at 1.31800.
Look for buying opportunities of USD/CAD if it breaks above the key level of 1.31.


GBP/JPY Outlook

Overall, GBP/JPY is trending upwards.

The UK Construction PMI data (Actual: 54.6, Forecast: 58.5, Previous: 58.1) released last Friday indicated a slowdown in the expansion of the construction sector.

Currently, GBP/JPY is moving towards the support zone of 140.000 and the next resistance zone is at 142.200.
Look for selling opportunities of GBP/JPY if it breaks the support zone of 140.000.


EUR/JPY Outlook

Overall, EUR/JPY is ranging across. Recently, EUR/JPY bounced down from the key level of 126.

EUR/JPY’s next support zone is at 124.600 and the next resistance zone is at 126.700.
Look for selling opportunities of EUR/JPY.


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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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