USD Overview

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

Next Monday, U.S. banks will be closed in observance of Columbus Day. Expect lower volatility and trading volume during the U.S. market session.


NZD/USD Outlook

Overall, NZD/USD is ranging across.

Currently, NZD/USD is testing to break above the key level of 0.66. Its next support zone is at 0.65200 and the next resistance zone is at 0.67600.
Look for buying opportunities of NZD/USD if it breaks above the key level of 0.66.


AUD/USD Outlook

Overall, AUD/USD is ranging across. Recently, AUD/USD trended 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.
Look for selling opportunities of AUD/USD if it bounces off the resistance zone of 0.71700.


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 selling opportunities of USD/JPY.


EUR/USD Outlook

Overall, EUR/USD is ranging across. Recently, EUR/USD bounced off the support zone of 1.17400.

In the released meeting minutes yesterday, the European Central Bank highlighted that further reductions in interest rates and the amendments of the conditions of the TLTROs are part of the toolkit for further monetary policy easing.

EUR/USD’s next support zone is at 1.17400 and the next resistance zone is at 1.19700.
Look for short-term buying opportunities of EUR/USD.


GBP/USD Outlook

Overall, GBP/USD is trending downwards.

The UK GDP m/m (Forecast: 4.6%, Previous: 6.6%) data will be released later at 1400 (SGT).

GBP/USD’s next support zone is at 1.28000 and the next resistance zone is at 1.30200.
Look for short-term buying opportunities of GBP/USD.


USD/CAD Outlook

Overall, USD/CAD is ranging across. Recently, USD/CAD broke the support zone of 1.32200.

The Canadian housing starts data (Actual: 209K, Forecast: 240K, Previous: 262K) released yesterday indicated a slowdown in the increase of new houses being built.

The Canadian employment data will be released later at 2030 (SGT).

  • Employment Change (Forecast: 150.0K, Previous: 245.8K)
  • Unemployment Rate (Forecast: 9.8%, Previous: 10.2%)

USD/CAD’s next support zone is at 1.30240 and the next resistance zone is at 1.32200.
Look for short-term selling opportunities of USD/CAD up until the release of the Canadian employment data at 2030 (SGT).


GBP/JPY Outlook

Overall, GBP/JPY is ranging across.

The UK GDP m/m (Forecast: 4.6%, Previous: 6.6%) data will be released later at 1400 (SGT).

Currently, GBP/JPY is hovering around the key level of 137. Its next support zone is at 136.200 and the next resistance zone is at 138.100.
Look for short-term selling opportunities of GBP/JPY if the released GDP data is worse than forecasted.


EUR/JPY Outlook

Overall, EUR/JPY is ranging across. Recently, EUR/JPY has been hovering around the resistance zone of 124.600.

In the released meeting minutes yesterday, the European Central Bank highlighted that further reductions in interest rates and the amendments of the conditions of the TLTROs are part of the toolkit for further monetary policy easing.

Currently, EUR/JPY is testing the resistance zone of 124.600 and the next support zone is at 121.700.
Look for selling opportunities of EUR/JPY if it rejects the resistance zone of 124.600.


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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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