Daily Forex Analysis - 11 November 2020

USD Overview (11 November 2020)

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

U.S. banks will be closed today in observance of Veterans Day. Expect lower volatility and trading volume during the U.S. market session.

NZD/USD Outlook (11 November 2020)

Overall, NZD/USD is trending upwards. Recently, NZD/USD trended higher.

Earlier today, the Reserve Bank of New Zealand (RBNZ) held interest rate unchanged at 0.25%. The central bank will be also be continuing the Large Scale Asset Purchase programme of up to $100 billion. Furthermore, the RBNZ will be implementing the Funding for Lending Programme (FLP) in early December this year.

NZD/USDs next support zone is at 0.67900 and the next resistance zone is at 0.70000.

Look for buying opportunities of NZD/USD.

AUD/USD Outlook (11 November 2020)

Overall, AUD/USD is trending upwards. Recently, AUD/USD has been ranging across below the key level of 0.73.

The Australian Westpac Consumer Sentiment data (Actual: 2.5%, Forecast: NA, Previous: 11.9%) released earlier today indicated a sharp decline in the confidence of consumers on the Australian economy.

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

Look for buying opportunities of AUD/USD if it breaks above the key level of 0.73.

USD/JPY Outlook (11 November 2020)

Overall, USD/JPY is ranging across.

Currently, USD/JPY is testing to break below the key level of 105. Its next support zone is at 104.200 and the next resistance zone is at 106.300.

Look for buying opportunities of USD/JPY if it bounces up from the key level of 105.

EUR/USD Outlook (11 November 2020)

Overall, EUR/USD is ranging across. Recently, EUR/USD bounced off the support zone of 1.17900.

The German ZEW Economic Sentiment data (Actual: 39.0, Forecast: 45.0, Previous: 56.1) released yesterday indicated a sharp decline in optimism of the economic outlook of Germany due to the recent resurgence in the number of COVID-19 cases which led to a second round of national lockdown.

Currently, EUR/USD is bouncing off the support zone of 1.17900 and the next resistance zone is at 1.19800.

Look for short-term buying opportunities of EUR/USD.

GBP/USD Outlook (11 November 2020)

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

The UK employment data released yesterday indicated an increase in unemployment rate for the third consecutive month. Nonetheless, the number of people claiming for unemployment benefit continued to decline as opposed to the forecast increase while average total pay among employees from July to September has increased more than expected.

- Average Earnings Index 3m/y (Actual: 1.3%, Forecast: 1.0%, Previous: 0.1% revised from 0.0%)

- Claimant Count Change (Actual: -29.8K, Forecast: 20.3K, Previous: -40.2K revised from 28.1K)

- Unemployment Rate (Actual: 4.8%, Forecast: 4.7%, Previous: 4.5%)

GBP/USDs 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 (11 November 2020)

Overall, USD/CAD is trending downwards. Recently, USD/CAD is hovering within the resistance zone of 1.30300.

Canadian banks will be closed today in observance of Remembrance Day. Expect lower volatility and trading volume during the Canadian market session.

Currently, USD/CAD is testing the resistance zone of 1.30300 and the next support zone is at 1.28400.

Look for selling opportunities of USD/CAD if it bounces off the resistance zone of 1.30300.

GBP/JPY Outlook (11 November 2020)

Overall, GBP/JPY is ranging across. Recently, GBP/JPY trended higher, breaking above the key level of 139.

The UK employment data released yesterday indicated an increase in unemployment rate for the third consecutive month. Nonetheless, the number of people claiming for unemployment benefit continued to decline as opposed to the forecast increase while average total pay among employees from July to September has increased more than expected.

- Average Earnings Index 3m/y (Actual: 1.3%, Forecast: 1.0%, Previous: 0.1% revised from 0.0%)

- Claimant Count Change (Actual: -29.8K, Forecast: 20.3K, Previous: -40.2K revised from 28.1K)

- Unemployment Rate (Actual: 4.8%, Forecast: 4.7%, Previous: 4.5%)

GBP/JPYs next support zone is at 137.500 and the next resistance zone is at 140.000.

Look for short-term buying opportunities of GBP/JPY.

EUR/JPY Outlook (11 November 2020)

Overall, EUR/JPY is ranging across. Recently, EUR/JPY bounced up from the key level of 124.

The German ZEW Economic Sentiment data (Actual: 39.0, Forecast: 45.0, Previous: 56.1) released yesterday indicated a sharp decline in optimism of the economic outlook of Germany due to the recent resurgence in the number of COVID-19 cases which led to a second round of national lockdown.

EUR/JPYs next support zone is at 122.600 and the next resistance zone is at 124.750.

Look for short-term selling opportunities of EUR/JPY.