Daily Forex Analysis - 25 November 2020

USD Overview (25 November 2020)

Yesterday, USD weakened against all major currencies.

The Preliminary GDP q/q data (Forecast: 33.1%, Previous: 33.1%) will be released later at 2130 (SGT).

The New Home Sales data (Forecast: 972K, Previous: 959K) will be released later at 2300 (SGT).

The Federal Reserve will be releasing the minutes for the previous monetary policy meeting tomorrow at 0300 (SGT).

U. S. banks will be closed tomorrow in observance of Thanksgiving holiday. Expect lower trading volatility and volume during the U.S. market session.

NZD/USD Outlook (25 November 2020)

Overall, NZD/USD is trending upwards.

During the press conference on the financial stability report, the Reserve Bank of New Zealand Governor Orr highlighted that low interest rate in New Zealand will allow its exchange rate to stay competitive.

Currently, NZD/USD is moving towards the resistance zone of 0.70000 and the next support zone is at 0.67900.

Look for buying opportunities of NZD/USD if it breaks the resistance zone of 0.70000.

AUD/USD Outlook (25 November 2020)

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

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 it breaks above the key level of 0.73.

USD/JPY Outlook (25 November 2020)

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

USD/JPYs next support zone is at 104.200 and the next resistance zone is at 106.300.

Look for buying opportunities of USD/JPY.

EUR/USD Outlook (25 November 2020)

Overall, EUR/USD is ranging across.

The German ifo Business Climate data (Actual: 90.7, Forecast: 90.5, Previous: 92.5 revised from 92.7) released yesterday indicated a decline in the sentiment on business conditions in Germany. The Ifo institute said that with the deteriorating data, Germanys economy will likely contract in the third quarter due to the lockdown measure.

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

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

GBP/USD Outlook (25 November 2020)

Overall, GBP/USD is trending upwards. Recently, GBP/USD bounced up from the key level of 1.34.

The UK HM Treasury will be releasing the Autumn forecast statement today at a tentative timing.

GBP/USDs next support zone is at 1.32200 and the next resistance zone is at 1.34600.

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

USD/CAD Outlook (25 November 2020)

Overall, USD/CAD is ranging across.

Currently, USD/CAD is testing 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 (25 November 2020)

Overall, GBP/JPY is trending upwards.

The UK HM Treasury will be releasing the Autumn forecast statement today at a tentative timing.

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

Look for short-term buying opportunities of GBP/JPY if it breaks the resistance zone of 140.000.

EUR/JPY Outlook (25 November 2020)

Overall, EUR/JPY is ranging across. Recently, GBP/JPY broke above the key level of 124.

The German ifo Business Climate data (Actual: 90.7, Forecast: 90.5, Previous: 92.5 revised from 92.7) released yesterday indicated a decline in the sentiment on business conditions in Germany. The Ifo institute said that with the deteriorating data, Germanys economy will likely contract in the third quarter due to the lockdown measure.

Currently, EUR/JPY is moving towards the resistance zone of 124.750 and its next support zone is at 122.600.

Look for short-term buying opportunities of EUR/JPY if it breaks the resistance zone of 124.750.