USD Overview

Last Friday, USD weakened against all major currencies as the market goes risk on, leading to a drop in demand of safe-haven assets like the USD.


NZD/USD Outlook

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

The New Zealand ANZ Business Confidence data (Actual: -41.8, Forecast: NA, Previous: -42.2) released earlier today indicated continued pessimism of economic outlook from the surveyed businesses.

NZD/USD’s next support zone is at 0.66700 and the next resistance zone is at 0.69000.
Look for buying opportunities of NZD/USD.


AUD/USD Outlook

Overall, AUD/USD is trending upwards. Recently, AUD/USD trended into the resistance zone of 0.73700.

The Australian Building Approvals m/m data (Forecast: -0.9%, Previous: -4.9%) will be released tomorrow at 0930 (SGT).

Currently, AUD/USD is testing the resistance zone of 0.73700 and the next support zone is at 0.72500.
Look for buying opportunities of AUD/USD if it breaks the resistance zone of 0.73700.


USD/JPY Outlook

Overall, USD/JPY is ranging across. Recently, USD/JPY rejected the resistance zone of 106.800 and broke below the key level of 106.

Last Friday, Japanese Prime Minister Shinzo Abe announced his resignation as Prime Minister due to his chronic illness. The voting of his successor may be held on 15 September.

USD/JPY’s support zone is at 104.400 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. Recently, EUR/USD trended higher into the resistance zone of 1.19200.

The French preliminary CPI m/m data released last Friday indicated a slowdown in the decline of inflation for August. The preliminary GDP q/q data released indicated continued decline in economic growth in the second quarter of 2020.

  • French Preliminary CPI m/m (Actual: -0.1%, Forecast: -0.2%, Previous: 0.4%)
  • French Preliminary GDP q/q (Actual: -13.8%, Forecast: -13.8%, Previous: -13.8%)

The German Preliminary CPI m/m data (Forecast: 0.0%, Previous: -0.5%) will be released today at a tentative timing.

Currently, EUR/USD is testing the resistance zone of 1.19200 next the next support zone is at 1.17200.
Look for buying opportunities of EUR/USD if it breaks the resistance zone of 1.19200.


GBP/USD Outlook

Overall, GBP/USD is trending upwards. Recently, GBP/USD broke the resistance zone of 1.32200.

UK banks will be closed today in observance of Summer Bank Holiday. Expect lower trading volume and volatility.

GBP/USD’s next support zone is at 1.32200 and the next resistance zone is at 1.34600.
Look for buying opportunities of GBP/USD.


USD/CAD Outlook

Overall, USD/CAD is trending downwards. Recently, USD/CAD broke below the key level of 1.31.

USD/CAD’s next support zone is at 1.29800 and the next resistance zone is at 1.31800.
Look for selling opportunities of USD/CAD.


GBP/JPY Outlook

Overall, GBP/JPY is trending upwards. Recently, GBP/JPY rejected the resistance zone of 141.200.

Last Friday, Japanese Prime Minister Shinzo Abe announced his resignation as Prime Minister due to his chronic illness. The voting of his successor may be held on 15 September.
UK banks will be closed today in observance of Summer Bank Holiday. Expect lower trading volume and volatility.

Currently, GBP/JPY is moving towards the resistance zone of 141.200 and its next support zone is at 138.200.
Look for buying opportunities of GBP/JPY if it breaks the resistance zone of 141.200.


EUR/JPY Outlook

Overall, EUR/JPY is trending upwards. Recently, EUR/JPY rejected the resistance zone of 126.500.

Last Friday, Japanese Prime Minister Shinzo Abe announced his resignation as Prime Minister due to his chronic illness. The voting of his successor may be held on 15 September.
The French preliminary CPI m/m data released last Friday indicated a slowdown in the decline of inflation for August. The preliminary GDP q/q data released indicated continued decline in economic growth in the second quarter of 2020.

  • French Preliminary CPI m/m (Actual: -0.1%, Forecast: -0.2%, Previous: 0.4%)
  • French Preliminary GDP q/q (Actual: -13.8%, Forecast: -13.8%, Previous: -13.8%)

The German Preliminary CPI m/m data (Forecast: 0.0%, Previous: -0.5%) will be released today at a tentative timing.

EUR/JPY’s next support zone is at 124.200 and the next resistance zone is at 126.500.
Look for 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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