USD Overview

Yesterday, USD weakened against most major currencies except CAD.

The PPI m/m data released yesterday indicated an increase in wholesale prices in September.

  • PPI m/m (Actual: 0.4%, Forecast: 0.2%, Previous: 0.3%)
  • Core PPI m/m (Actual: 0.4%, 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. Recently, AUD/USD broke the support zone of 0.71700.

In his speech earlier today, Reserve Bank of Australia Governor Lowe acknowledged the possibility of a further cut in interest rate but the central bank has not finalized any decision on that as they are still working on some issues related to that matter.

The Australian employment data released earlier today indicated a decline in jobs while unemployment inched upwards.

  • Employment Change (Actual: -29.5K, Forecast: -38.0K, Previous: 129.1K revised from 111.0K)
  • Unemployment Rate (Actual: 6.9%, Forecast: 7.0%, Previous: 6.8%)

AUD/USD’s next support zone is at 0.69800 and the next resistance zone is at 0.71700.
Look for selling opportunities of AUD/USD.


USD/JPY Outlook

Overall, USD/JPY is ranging across. Recently, USD/JPY broke below the support zone of 105.400.

Currently, USD/JPY is moving towards the resistance zone of 105.400 and the next support zone is at 105.200.
Look for selling opportunities of USD/JPY if it bounces off the resistance zone of 105.400.


EUR/USD Outlook

Overall, EUR/USD is ranging across.

The EU Economic Summit will be held today whereby Brexit trade negotiations will be carried out. During this time, there may be volatility in EUR.
European Central Bank President Lagarde will be speaking at an online CNBC Debate tomorrow at 0000 (SGT). During this time, there may be volatility in EUR.

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 short-term selling opportunities of EUR/USD.


GBP/USD Outlook

Overall, GBP/USD is trending upwards. Recently, GBP/USD trended higher into the resistance zone of 1.30200 after the UK said that it will not abandon trade talks with the EU, sparking optimism.

The EU Economic Summit will be held today whereby Brexit trade negotiations will be carried out. 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 short-term buying opportunities of GBP/USD if it breaks the resistance zone of 1.30200.


USD/CAD Outlook

Overall, USD/CAD is ranging across.

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


GBP/JPY Outlook

Overall, GBP/JPY is trending upwards. Recently, GBP/JPY bounced off the support zone of 136.200 and trended upwards after the UK said that it will not abandon trade talks with the EU, sparking optimism.

The EU Economic Summit will be held today whereby Brexit trade negotiations will be carried out. During this time, there may be volatility in GBP.

Currently, GBP/JPY is testing to break above the key level of 137. Its next support zone is at 136.200 and the next resistance zone is at 138.100.
If GBP/JPY breaks above the key level of 137, look for short-term buying opportunities.


EUR/JPY Outlook

Overall, EUR/JPY is ranging across.

The EU Economic Summit will be held today whereby Brexit trade negotiations will be carried out. During this time, there may be volatility in EUR.
European Central Bank President Lagarde will be speaking at an online CNBC Debate tomorrow at 0000 (SGT). During this time, there may be volatility in EUR.

EUR/JPY’s next support zone is at 121.700 and the next resistance zone of 124.600.
Look for short-term 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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