USD Overview

Yesterday, USD strengthened against most major currencies except NZD.

The CPI m/m data released yesterday indicated a slowdown in the increase of inflation in September.

  • CPI m/m (Actual: 0.2%, Forecast: 0.2%, Previous: 0.4%)
  • Core CPI m/m (Actual: 0.2%, Forecast: 0.2%, Previous: 0.4%)

The PPI m/m data will be released later at 2030 (SGT).

  • PPI m/m (Forecast: 0.2%, Previous: 0.3%)
  • Core PPI m/m (Forecast: 0.2%, Previous: 0.4%)

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 selling opportunities of NZD/USD.


AUD/USD Outlook

Overall, AUD/USD is ranging across.

Reserve Bank of Australia will be speaking tomorrow at an annual investment conference at 0545 (SGT). During this time, there may be volatility in AUD.

The Australian employment data will be released tomorrow at 0830 (SGT).

  • Employment Change (Forecast: -38.0K, Previous: 111.0K)
  • Unemployment Rate (Forecast: 7.0%, Previous: 6.8%)

Currently, AUD/USD is testing the support zone of 0.71700 and the next resistance zone is at 0.73800.
Look for selling opportunities of AUD/USD if it breaks the support 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 selling opportunities of USD/JPY if it breaks the support zone of 105.400.


EUR/USD Outlook

Overall, EUR/USD is ranging across. Recently, EUR/USD trended into the support zone of 1.17400.

The German ZEW Economic Sentiment data (Actual: 56.1, Forecast: 74.1, Previous: 77.4) released yesterday indicated a strong decline in economic sentiment due to the recent sharp rise in the number of COVID-19 cases and the uncertainty of the UK leaving the EU without a trade deal.

Currently, EUR/USD is testing the support zone of 1.17400 and the next resistance zone is at 1.19700.
If EUR/USD breaks the support zone of 1.17400, look for selling opportunities of EUR/USD.


GBP/USD Outlook

Overall, GBP/USD is ranging across. Recently, GBP/USD broke the support zone of 1.30200.

The UK employment data released yesterday indicated a mixed result for September. Unemployment rate rose higher than forecasted while the number of claimants for unemployment benefits decreased. Average earnings remained unchanged.

  • Claimant Count Change (Actual: 28.1K, Forecast: 78.8K, Previous: 73.3K)
  • Average Earnings Index 3m/y (Actual: 0.0%, Forecast: -0.6%, Previous: -1.0%)
  • Unemployment Rate (Actual: 4.5%, Forecast: 4.3%, Previous: 4.1%)

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 ranging across. Recently, USD/CAD bounced up from the key level of 1.31.

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


GBP/JPY Outlook

Overall, GBP/JPY is ranging across. Recently, GBP/JPY broke below the key level of 137 and moved into the support zone of 136.200.

The UK employment data released yesterday indicated a mixed result for September. Unemployment rate rose higher than forecasted while the number of claimants for unemployment benefits decreased. Average earnings remained unchanged.

  • Claimant Count Change (Actual: 28.1K, Forecast: 78.8K, Previous: 73.3K)
  • Average Earnings Index 3m/y (Actual: 0.0%, Forecast: -0.6%, Previous: -1.0%)
  • Unemployment Rate (Actual: 4.5%, Forecast: 4.3%, Previous: 4.1%)

Currently, GBP/JPY is testing the support zone of 136.200 and the next resistance zone is at 138.100.
If GBP/JPY breaks the support zone of 136.200, look for short-term selling opportunities of GBP/JPY.


EUR/JPY Outlook

Overall, EUR/JPY is ranging across. Recently, EUR/JPY broke the support zone of 124.600.

The German ZEW Economic Sentiment data (Actual: 56.1, Forecast: 74.1, Previous: 77.4) released yesterday indicated a strong decline in economic sentiment due to the recent sharp rise in the number of COVID-19 cases and the uncertainty of the UK leaving the EU without a trade deal.

EUR/JPY’s next support zone is at 121.700 and the next resistance zone of 124.600.
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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