USD Overview

Yesterday, USD weakened against all major currencies.


NZD/USD Outlook

Overall, NZD/USD is ranging across. Recently, NZD/USD broke above the key level of 0.67.

The New Zealand Westpac Consumer Sentiment data (Actual: 95.1, Forecast: NA, Previous: 97.2) released earlier today indicated a decline in consumers’ confidence levels in September mainly due to the resurgence of COVID-19.

Currently, NZD/USD is testing to break below the key level of 0.67. Its next support zone is at 0.65200 and the next resistance zone is at 0.67600.
Look for selling opportunities of NZD/USD if it breaks below the key level of 0.67.


AUD/USD Outlook

Overall, AUD/USD is ranging across.

In the released minutes for the previous monetary policy meeting, the Reserve Bank of Australia (RBA) highlighted that the economic downturn caused by the COVID-19 pandemic “had not been as severe as earlier expected” and that recovery is in progress in most parts of Australia. However, this recovery will be bumpy due to the recent resurgence in the number of cases in Victoria.

Currently, AUD/USD is testing to break above the key level of 0.73. Its next support zone is at 0.72500 and the next resistance zone is at 0.73800.
Look for buying opportunities of AUD/USD if it breaks above the key level of 0.73.


USD/JPY Outlook

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

Yesterday, it was announced that Yoshihide Suga won a Liberal Democratic Party (LDP) leadership election, putting him in a parliamentary vote for Japan’s next Prime Minister this week.

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.

The German ZEW Economic Sentiment data (Forecast: 69.7, Previous: 71.5) will be released later at 1700 (SGT).

EUR/USD’s next support zone is at 1.17800 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 tested and failed to break above the key level of 1.29.

Yesterday, UK Prime Minister Boris Johnson won the tabling of the Internal Market Bill in the Parliament, leading to a weakening in GBP after a brief rally before Johnson’s victory. The next checkpoint for Johnson will be next week where the MPs will be voting on the amendment that would allow the House of Commons to decide whether to carry out the bill to override the Brexit Withdrawal Agreement.

The UK employment data will be released later at 1400 (SGT).

  • Claimant Count Change (Forecast: 99.5K, Previous: 94.4K)
  • Average Earnings Index 3m/y (Forecast: -1.3%, Previous: -1.2K)
  • Unemployment Rate (Forecast: 4.1%, Previous: 3.9%)

Currently, GBP/USD is testing the support zone of 1.28000 and the next resistance zone is at 1.30000.
Look for short-term selling opportunities if GBP/USD breaks the support zone of 1.28000.


USD/CAD Outlook

Overall, USD/CAD is ranging across.

Yesterday, the U.S. National Hurricane Center reported that tropical storm Sally has strengthened into hurricane and may hit the central Gulf Coast today. This has led to the shutting down of energy companies, causing a decline in oil production.

Currently, USD/CAD is testing the resistance zone of 1.31800 and the next support zone is at 1.29800.
Look for selling opportunities of USD/CAD if it bounces off the resistance zone of 1.31800.


GBP/JPY Outlook

Overall, GBP/JPY is trending downwards. Recently, GBP/JPY broke the support zone of 136.200.

Yesterday, it was announced that Yoshihide Suga won a Liberal Democratic Party (LDP) leadership election, putting him in a parliamentary vote for Japan’s next Prime Minister this week.

Yesterday, UK Prime Minister Boris Johnson won the tabling of the Internal Market Bill in the Parliament, leading to a weakening in GBP after a brief rally before Johnson’s victory. The next checkpoint for Johnson will be next week where the MPs will be voting on the amendment that would allow the House of Commons to decide whether to carry out the bill to override the Brexit Withdrawal Agreement.

The UK employment data will be released later at 1400 (SGT).

  • Claimant Count Change (Forecast: 99.5K, Previous: 94.4K)
  • Average Earnings Index 3m/y (Forecast: -1.3%, Previous: -1.2K)
  • Unemployment Rate (Forecast: 4.1%, Previous: 3.9%)

GBP/JPY’s next support zone is at 133.780 and the next resistance zone is at 136.200.
Look for selling opportunities of GBP/JPY.


EUR/JPY Outlook

Overall, EUR/JPY is ranging across.

Yesterday, it was announced that Yoshihide Suga won a Liberal Democratic Party (LDP) leadership election, putting him in a parliamentary vote for Japan’s next Prime Minister this week.

The German ZEW Economic Sentiment data (Forecast: 69.7, Previous: 71.5) will be released later at 1700 (SGT).

EUR/JPY’s next support zone is at 124.600 and the next resistance zone is at 126.700.
Look for short-term buying 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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