Daily Forex Analysis - 17 November 2020

USD Overview (17 November 2020)

Yesterday, USD weakened against all major currencies.

Pharmaceutical company Moderna reported yesterday that their COVID-19 experimental vaccine was 94.5% effective. This led to the market going risk-on.

The retail sales m/m data will be released later at 2130 (SGT).

- Core Retail Sales m/m (Forecast: 0.4%, Previous: 0.3%)

- Retail Sales m/m (Forecast: 0.5%, Previous: 1.9%)

NZD/USD Outlook (17 November 2020)

Overall, NZD/USD is trending upwards.

Pharmaceutical company Moderna reported yesterday that their COVID-19 experimental vaccine was 94.5% effective. This led to the market going risk-on.

Currently, NZD/USD is testing to break above the key level of 0.69. Its next support zone is at 0.67900 and the next resistance zone is at 0.70000.

Look for buying opportunities of NZD/USD if it breaks above the key level of 0.69.

AUD/USD Outlook (17 November 2020)

Overall, AUD/USD is trending upwards. Recently, AUD/USD bounced off the support zone of 0.72200.

Pharmaceutical company Moderna reported yesterday that their COVID-19 experimental vaccine was 94.5% effective. This led to the market going risk-on.

In the meeting minutes released earlier today, the Reserve Bank of Australia stated that the committee members consider negative interest rates not to be helpful and deem its adoption very unlikely.

Reserve Bank of Australia Governor Lowe will be speaking tomorrow at 0600 (SGT). During this time, there may be volatility in AUD.

Currently, AUD/USD is testing to break above the key level of 0.73. Its next support zone is at 0.72200 and the next resistance zone is at 0.73900.

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

USD/JPY Outlook (17 November 2020)

Overall, USD/JPY is ranging across. Recently, USD/JPY bounced down from the key level of 105.

Currently, USD/JPY is moving towards the support zone of 104.200 and the next resistance zone is at 106.300.

Look for selling opportunities of USD/JPY if it breaks the support zone of 104.200.

EUR/USD Outlook (17 November 2020)

Overall, EUR/USD is ranging across.

Pharmaceutical company Moderna reported yesterday that their COVID-19 experimental vaccine was 94.5% effective. This led to the market going risk-on.

EUR/USDs next support zone is at 1.17900 and the next resistance zone of 1.19800.

Look for buying opportunities of EUR/USD.

GBP/USD Outlook (17 November 2020)

Overall, GBP/USD is trending upwards. Recently, GBP/USD bounced up from the key level of 1.31.

Yesterday, pharmaceutical company Moderna reported that their COVID-19 experimental vaccine was 94.5% effective. This led to the market going risk-on.

Also, it was reported yesterday that UKs chief negotiator for Brexit David Frost told Prime Minister Boris Johnson to expect a trade deal early next week.

Bank of England Governor Bailey will be speaking later at 2200 (SGT). During this time, there may be volatility in GBP.

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

Look for buying opportunities of GBP/USD if it breaks the resistance zone of 1.32200.

USD/CAD Outlook (17 November 2020)

Overall, USD/CAD is ranging across. Recently, USD/CAD broke below the key level of 1.31.

Yesterday, pharmaceutical company Moderna reported that their COVID-19 experimental vaccine was 94.5% effective. This led to the market going risk-on.

The OPEC-JMMC meetings will be held today.

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

Look for selling opportunities of USD/CAD if it breaks the support zone of 1.30300.

GBP/JPY Outlook (17 November 2020)

Overall, GBP/JPY is trending upwards. Recently, GBP/JPY has been ranging across.

Yesterday, pharmaceutical company Moderna reported that their COVID-19 experimental vaccine was 94.5% effective. This led to the market going risk-on.

Also, it was reported yesterday that UKs chief negotiator for Brexit David Frost told Prime Minister Boris Johnson to expect a trade deal early next week.

Bank of England Governor Bailey will be speaking later at 2200 (SGT). During this time, there may be volatility in GBP.

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

Look for buying opportunities of GBP/JPY.

EUR/JPY Outlook (17 November 2020)

Overall, EUR/JPY is ranging across.

Pharmaceutical company Moderna reported yesterday that their COVID-19 experimental vaccine was 94.5% effective. This led to the market going risk-on.

Currently, EUR/JPY is testing to break above the key level of 124. EUR/JPYs next support zone is at 122.600 and the next resistance zone is at 124.750.

Look for buying opportunities of EUR/JPY.