USD Overview

Yesterday, USD weakened against all the major currencies.

The U.S. Preliminary UoM Consumer Sentiment data (Forecast: 75.0, Previous: 74.1 revised from 72.8) will be released later at 2200 (SGT).


NZD/USD Outlook

Overall, NZD/USD is trending upwards. Recently, NZD/USD trended into the resistance zone of 0.67600.

Currently, NZD/USD is testing the resistance zone of 0.67600 and the next support zone is at 0.65200.
Look for buying opportunities of NZD/USD if it breaks the resistance zone of 0.67600.


AUD/USD Outlook

Overall, AUD/USD is ranging across.

AUD/USD’s next support zone is at 0.72500 and the next resistance zone is at 0.73800.
Look for buying opportunities of AUD/USD.


USD/JPY Outlook

Overall, USD/JPY is trending downwards. Recently, USD/JPY trended lower, breaking below the key level of 105.

The Japanese banks will be closed next Monday in observance of Respect-for-the-Aged Day. Lower trading volume and volatility is expected during the Japanese trading hours.

USD/JPY’s next support zone is at 104.400 and the next resistance zone is at 105.400.
Look for selling opportunities of USD/JPY.


EUR/USD Outlook

Overall, EUR/USD is ranging across. Recently, EUR/USD bounced off the support zone of 1.17800.

EUR/USD’s next support zone is at 1.17800 and the next resistance zone is at 1.19700.
Look for short-term buying opportunities of EUR/USD.


GBP/USD Outlook

Overall, GBP/USD is trending downwards. Recently, GBP/USD moved higher to the key level of 1.29.

Yesterday, the Bank of England (BoE) kept interest rate unchanged at 0.10%. Although the central bank did not carry out any new monetary policy changes, they were discussing on how to implement negative interest rates effectively in a scenario whereby the UK economy worsens.

The UK Retail Sales m/m data (Forecast: 0.8%, Previous: 3.6%) will be released later at 1400 (SGT).

Currently, GBP/USD is bouncing off the resistance zone of 1.30000 and the next support zone is at 1.28000.
With the dovish outlook from the BoE, look for selling opportunities of GBP/USD.


USD/CAD Outlook

Overall, USD/CAD is ranging across. Recently, USD/CAD bounced off the resistance zone of 1.32300.

The Canadian Retail Sales m/m data will be released later at 2030 (SGT).

  • Core Retail Sales m/m (Forecast: 0.5%, Previous: 15.7%)
  • Retail Sales m/m (Forecast: 0.8%, Previous: 23.7%)

USD/CAD’s next support zone is at 1.30000 and the next resistance zone is at 1.32300.
Look for selling opportunities of USD/CAD.


GBP/JPY Outlook

Overall, GBP/JPY is trending downwards. Recently, GBP/JPY trended into the resistance zone of 136.200.

Yesterday, the Bank of England (BoE) kept interest rate unchanged at 0.10%. Although the central bank did not carry out any new monetary policy changes, they were discussing on how to implement negative interest rates effectively in a scenario whereby the UK economy worsens.

The UK Retail Sales m/m data (Forecast: 0.8%, Previous: 3.6%) will be released later at 1400 (SGT).

The Japanese banks will be closed in observance of Respect-for-the-Aged Day. Lower trading volume and volatility is expected during the Japanese trading hours.

Currently, GBP/JPY is bouncing off the resistance zone of 136.200 and the next support zone is at 133.780.
With the dovish outlook from the BoE, look for selling opportunities of GBP/JPY.


EUR/JPY Outlook

Overall, EUR/JPY is trending downwards. Recently, EUR/JPY broke below the key level of 124.

The Japanese banks will be closed next Monday in observance of Respect-for-the-Aged Day. Lower trading volume and volatility is expected during the Japanese trading hours.

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