USD Overview

Last Friday, USD weakened against all major currencies after the market went risk-on as White House economic adviser Larry Kudlow announced that President Trump has approved a revised COVID-19 relief package.

U.S. banks will be closed today 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. Recently, NZD/USD trended higher, breaking above the key level of 0.66 after White House economic adviser Larry Kudlow announced that President Trump has approved a revised COVID-19 relief package, causing the market to go risk-on.

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. Recently, AUD/USD broke the resistance zone of 0.71700 after White House economic adviser Larry Kudlow announced that President Trump has approved a revised COVID-19 relief package, causing the market to go risk-on.

AUD/USD’s next support zone is at 0.71700 and the next resistance zone is at 0.73800.
Look for buying opportunities of AUD/USD.


USD/JPY Outlook

Overall, USD/JPY is ranging across. Recently, USD/JPY bounced down from the key level of 106 after White House economic adviser Larry Kudlow announced that President Trump has approved a revised COVID-19 relief package, causing a drop in demand of USD.

Currently, USD/JPY is moving towards 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. Recently, EUR/USD trended higher, breaking above the key level of 1.18 after White House economic adviser Larry Kudlow announced that President Trump has approved a revised COVID-19 relief package, causing the market to go risk-on.

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


GBP/USD Outlook

Overall, GBP/USD is trending downwards. Recently, GBP/USD trended into the resistance zone of 1.30200 after White House economic adviser Larry Kudlow announced that President Trump has approved a revised COVID-19 relief package, causing the market to go risk-on.

The UK GDP m/m (Actual: 2.1%, Forecast: 4.6%, Previous: 6.6%) data released last Friday indicated that August is the fourth consecutive month of economic growth although the pace has slowed down.

Bank of England Governor Bailey will be speaking at a virtual Citizens’ Panel Open Forum tomorrow at 0000 (SGT). During this time, there may be volatility in GBP.

Currently, GBP/USD is testing the resistance zone of 1.30200 and the next support zone is at 1.28000.
Look for buying opportunities of GBP/USD if it breaks the resistance zone of 1.30200.


USD/CAD Outlook

Overall, USD/CAD is ranging across. Recently, USD/CAD trended lower after White House economic adviser Larry Kudlow announced that President Trump has approved a revised COVID-19 relief package, causing the market to go risk-on..

The Canadian employment data released last Friday indicated a strong progress in the Canadian job market. More jobs were added as opposed to the forecast of a slowdown while unemployment rate declined more than forecasted.

  • Employment Change (Actual: 378.2K, Forecast: 150.0K, Previous: 245.8K)
  • Unemployment Rate (Actual: 9.0%, Forecast: 9.8%, Previous: 10.2%)

Canadian banks will be closed today in observance of Thanksgiving Day. Expect lower trading volume and volatility during the Canadian market hours.

USD/CAD’s next support zone is at 1.30240 and the next resistance zone is at 1.32200.
Look for selling opportunities of USD/CAD.


GBP/JPY Outlook

Overall, GBP/JPY is ranging across. Recently, GBP/JPY trended higher after White House economic adviser Larry Kudlow announced that President Trump has approved a revised COVID-19 relief package, causing the market to go risk-on.

The UK GDP m/m (Actual: 2.1%, Forecast: 4.6%, Previous: 6.6%) data released last Friday indicated that August is the fourth consecutive month of economic growth although the pace has slowed down.

Bank of England Governor Bailey will be speaking at a virtual Citizens’ Panel Open Forum tomorrow at 0000 (SGT). During this time, there may be volatility in GBP.

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


EUR/JPY Outlook

Overall, EUR/JPY is ranging across. Recently, EUR/JPY broke above the resistance zone of 124.600 after White House economic adviser Larry Kudlow announced that President Trump has approved a revised COVID-19 relief package, causing the market to go risk-on.

Currently, EUR/JPY is testing the support zone of 124.600 and the next resistance zone of 126.700.
Look for buying opportunities of EUR/JPY if it bounces off 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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