Daily Forex Analysis - 19 November 2020

USD Overview (19 November 2020)

Yesterday, USD weakened against most major currencies except EUR.

The U.S. housing data released yesterday indicated that building permits in October increased at the same rate as September while the number of new privately-owned houses that started building increased more than forecasted.

- Building Permits (Actual: 1.55M, Forecast: 1.57M, Previous: 1.55M)

- Housing Starts (Actual: 1.53M, Forecast: 1.45M, Previous: 1.46M revised from 1.42M)

NZD/USD Outlook (19 November 2020)

Overall, NZD/USD is trending upwards. Recently, NZD/USD broke above the key level of 0.69.

Currently, NZD/USD is testing to break below 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 bounces up from the key level of 0.69.

AUD/USD Outlook (19 November 2020)

Overall, AUD/USD is trending upwards. Recently, AUD/USD broke above the key level of 0.73.

The Australian employment data released earlier today indicated a strong increase in employment in October while unemployment rate inched slightly higher.

- Employment Change (Actual: 178.8K, Forecast: -26.7K, Previous: -42.5K revised from -29.5K)

- Unemployment Rate (Actual: 7.0%, Forecast: 7.1%, Previous: 6.9%)

Currently, AUD/USD is testing to break below 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 it bounces up from the key level of 0.73.

USD/JPY Outlook (19 November 2020)

Overall, USD/JPY is ranging across. Recently, USD/JPY broke the support zone of 104.200.

The Japanese flash manufacturing PMI data (Forecast: 49.4, Previous: 48.7 revised from 48.0) will be released tomorrow at 0830 (SGT).

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

Look for selling opportunities of USD/JPY.

EUR/USD Outlook (19 November 2020)

Overall, EUR/USD is ranging across. Recently, EUR/USD bounced down from the key level of 1.19.

European Central Bank President Lagarde will be speaking later at 2300 (SGT). During this time, there may be volatility in EUR.

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

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

GBP/USD Outlook (19 November 2020)

Overall, GBP/USD is trending upwards. Recently, GBP/USD broke the resistance zone of 1.32200 and bounced down from the key level of 1.33.

The UK CPI y/y data released yesterday indicated an increase in the level of inflation.

- CPI y/y (Actual: 0.7%, Forecast: 0.5%, Previous: 0.5%)

- Core CPI y/y (Actual: 1.5%, Forecast: 1.3%, Previous: 1.3%)

Currently, GBP/USD is testing the support zone of 1.32200 and the next resistance zone is at 1.34600.

Look for selling opportunities of GBP/USD if it breaks the support zone of 1.32200.

USD/CAD Outlook (19 November 2020)

Overall, USD/CAD is ranging across. Recently, USD/CAD bounced off the support zone of 1.30300.

The Canadian CPI m/m data (Actual: 0.4%, Forecast: 0.2%, Previous: -0.1%) released yesterday indicated a recovery in inflation in October.

The Canadian ADP Non-Farm Employment Change data (Forecast: NA, Previous: -240.8K) will be released later at 2130 (SGT).

Currently, USD/CAD is testing to break above the key level of 1.31. Its next support zone is at 1.30300 and the next resistance zone is at 1.32200.

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

GBP/JPY Outlook (19 November 2020)

Overall, GBP/JPY is ranging across.

The UK CPI y/y data released yesterday indicated an increase in the level of inflation.

- CPI y/y (Actual: 0.7%, Forecast: 0.5%, Previous: 0.5%)

- Core CPI y/y (Actual: 1.5%, Forecast: 1.3%, Previous: 1.3%)

The Japanese flash manufacturing PMI data (Forecast: 49.4, Previous: 48.7 revised from 48.0) will be released tomorrow at 0830 (SGT).

Currently, GBP/JPY is testing the support zone of 137.500 and the next resistance zone is at 140.000.

Look for selling opportunities of GBP/JPY if it breaks the support zone of 137.500.

EUR/JPY Outlook (19 November 2020)

Overall, EUR/JPY is ranging across.

The Japanese flash manufacturing PMI data (Forecast: 49.4, Previous: 48.7 revised from 48.0) will be released tomorrow at 0830 (SGT).

Currently, EUR/JPY is testing to break below the key level of 123. Its 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 if it breaks below the key level of 123.