Daily Forex Analysis - 9 November 2020

USD Overview (09 November 2020)

Yesterday, USD weakened against most major currencies except AUD and CAD.

The Non-Farm Payroll data released last Friday indicated continued recovery of the job market, likely due to the easing of COVID-19 restrictions and the resumption of economic activities. Despite the resurgence in the number of COVID-19 cases, unemployment rate has declined by 1% from 7.9% to 6.9%.

- Average Hourly Earnings m/m (Actual: 0.1%, Forecast: 0.2%, Previous: 0.0% revised from 0.1%)

- Non-Farm Employment Change (Actual: 638K, Forecast: 595K, Previous: 672K revised from 661K)

- Unemployment Rate (Actual: 6.9%, Forecast: 7.7%, Previous: 7.9%)

Over the weekend, it was reported that Joe Biden is projected to win the 2020 Presidential Election with 279 electoral votes while current President Donald Trump only has 214 votes.

Also over the weekend, European Union diplomats said that the EU will be imposing tariffs on $4 billion worth of U.S. goods this week. This tit for tat move is in retaliation for U.S. subsidies for planemaker Boeing.

NZD/USD Outlook (09 November 2020)

Overall, NZD/USD is trending upwards.

Currently, NZD/USD is testing the resistance zone of 0.67900 and the next support zone is at 0.65400.

With the market going risk-on on the projected victory of Joe Biden on the U.S. Presidential Election, look for buying opportunities of NZD/USD if it breaks the resistance zone of 0.67900.

AUD/USD Outlook (09 November 2020)

Overall, AUD/USD is ranging across.

AUD/USDs next support zone is at 0.72200 and the next resistance zone is at 0.73900.

With the market going risk-on on the projected victory of Joe Biden on the U.S. Presidential Election, look for buying opportunities of AUD/USD.

USD/JPY Outlook (09 November 2020)

Overall, USD/JPY is trending downwards. Recently, USD/JPY trended lower.

USD/JPYs next support zone is at 102.300 and the next resistance zone is at 104.200.

With the market going risk-on on the projected victory of Joe Biden on the U.S. Presidential Election, look for selling opportunities of USD/JPY.

EUR/USD Outlook (09 November 2020)

Overall, EUR/USD is ranging across.

Over the weekend, European Union diplomats said that the EU will be imposing tariffs on $4 billion worth of U.S. goods this week. This tit for tat move is in retaliation for U.S. subsidies for planemaker Boeing.

European Central Bank President Christine Lagarde will be speaking later at the Green Horizon Summit at 1725 (SGT).

Currently, EUR/USD is hovering below the key level of 1.19. Its next support zone is at 1.17900 and the next resistance zone is at 1.19800.

With the market going risk-on on the projected victory of Joe Biden on the U.S. Presidential Election, look for buying opportunities of EUR/USD if it breaks above the key level of 1.19.

GBP/USD Outlook (09 November 2020)

Overall, GBP/USD is ranging across.

Bank of England Governor Andrew Bailey will be speaking later at the Green Horizon Summit at 1835 (SGT).

Currently, GBP/USD is moving towards the resistance zone of 1.32200 and the next support zone is at 1.30400.

With the market going risk-on on the projected victory of Joe Biden on the U.S. Presidential Election, look for buying opportunities of GBP/USD.

USD/CAD Outlook (09 November 2020)

Overall, USD/CAD is ranging across. Recently, USD/CAD bounced down from the key level of 1.31.

The Canadian employment data released last Friday indicated a slowdown in jobs growth in October due to the tightening of COVID-19 measures.

- Employment Change (Actual: 83.6K, Forecast: 59.7K, Previous: 378.2K)

- Unemployment Rate (Actual: 8.9%, Forecast: 9.0%, Previous: 9.0%)

The Canadian Ivey PMI data (Actual: 54.5, Forecast: 55.2, Previous: 54.3) released last week indicated that business sectors are still in expansion in October.

Currently, USD/CAD is testing the support zone of 1.30300 and the next resistance zone is at 1.32200.

With the market going risk-on on the projected victory of Joe Biden on the U.S. Presidential Election, look for selling opportunities of USD/CAD if it breaks the support zone of 1.30300.

GBP/JPY Outlook (09 November 2020)

Overall, GBP/JPY is ranging across. Recently, GBP/JPY bounced off the support zone of 135.350 and broke above the key level of 136.

Bank of England Governor Andrew Bailey will be speaking later at the Green Horizon Summit at 1835 (SGT).

GBP/JPYs next support zone is at 135.350 and the next resistance zone is at 137.500.

Look for buying opportunities of GBP/JPY.

EUR/JPY Outlook (09 November 2020)

Overall, EUR/JPY is trending downwards.

European Central Bank President Christine Lagarde will be speaking later at the Green Horizon Summit at 1725 (SGT).

Currently, EUR/JPY is testing the resistance zone of 122.600 and the next support zone is at 119.500.

Look for buying opportunities of EUR/JPY if it breaks the resistance zone of 122.600.