USD Overview

Yesterday, USD strengthened against most major currencies except JPY.


NZD/USD Outlook

Overall, NZD/USD is ranging across. Recently, NZD/USD moved lower and bounced up from the key level of 0.66.

The ANZ Business Confidence data (Actual: -26, Forecast: NA, Previous: -41.8) released earlier today indicated an improvement in the level of confidence in the business outlook of New Zealand.

NZD/USD 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 ranging across. Recently, AUD/USD broke the support zone of 0.72500.

The Westpac Consumer Sentiment data (Actual: 18.0%, Forecast: NA, Previous: -9.5%) released earlier today indicated a strong rebound in consumer confidence of the Australian economy likely due to a decline in the number of COVID-19 cases in Victoria state.

AUD/USD’s next support zone is at 0.71000 and the next resistance zone is at 0.72500.
Look for selling opportunities of AUD/USD.


USD/JPY Outlook

Overall, USD/JPY is ranging across. Recently, USD/JPY moved lower to the key level of 106.

Currently, USD/JPY is testing to break below the key level of 106. Its 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 moved lower, breaking below the key level of 1.18.

The eurozone quarterly final employment change data released yesterday indicated a slight downwards revision in employment change and a slight improvement in the economic growth.

  • Final Employment Change q/q (Actual: -2.9%, Forecast: -2.8%, Previous: -2.8%)
  • Revised GDP q/q (Actual: -11.8%, Forecast: -12.1%, Previous: -12.1%)

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 ranging across. Recently, GBP/USD plunged after the intense Brexit trade talk led to the market speculating on the possibility of an interest rate cut by the Bank of England.

As of now, UK Prime Minister Boris Johnson is planning to override the Brexit Withdrawal Agreement and has emphasized that if a trade deal fails to be finalized by 15 October, the UK will just walk away without any deal.

Currently, GBP/USD is testing to break the support zone of 1.30000 and the next resistance zone is at 1.32200.
Look for selling opportunities if GBP/USD breaks the support zone of 1.30000.


USD/CAD Outlook

Overall, USD/CAD is trending downwards. Recently, USD/CAD broke the resistance zone of 1.31800.

The Bank of Canada (BoC) will be announcing their interest rate decision later at 2200 (SGT). It is expected that the central bank will be holding rates unchanged at 0.25% after Governor Tiff Macklem said in July that the BoC will be holding rates at the current level for at least two more years. It is unlikely that the central bank will carry out any new easing measures at the moment as economic indicators have provided optimism in the Canadian economy.

USD/CAD’s next support zone is at 1.31800 and the next resistance zone is at 1.33500.
Look for short-term buying opportunities of USD/CAD up until the interest rate decision at 2200 (SGT).


GBP/JPY Outlook

Overall, GBP/JPY is trending downwards. Recently, GBP/JPY plunged and broke the support zone of 140.000 and 138.100 after the intense Brexit trade talk led to the market speculating on the possibility of an interest rate cut by the Bank of England.

As of now, UK Prime Minister Boris Johnson is planning to override the Brexit Withdrawal Agreement and has emphasized that if a trade deal fails to be finalized by 15 October, the UK will just walk away without any deal.

GBP/JPY’s next support zone is at 136.200 and the next resistance zone is at 138.100.
Look for selling opportunities of GBP/JPY.


EUR/JPY Outlook

Overall, EUR/JPY is ranging across. Recently, EUR/JPY moved lower into the support zone of 124.600.

The eurozone quarterly final employment change data released yesterday indicated a slight downwards revision in employment change and a slight improvement in the economic growth.

  • Final Employment Change q/q (Actual: -2.9%, Forecast: -2.8%, Previous: -2.8%)
  • Revised GDP q/q (Actual: -11.8%, Forecast: -12.1%, Previous: -12.1%)

Currently, EUR/JPY is testing the support zone of 124.600 and the next resistance zone is at 126.700.
Look for selling opportunities of EUR/JPY if it breaks the support 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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