Daily Forex Analysis - 9 December 2020

USD Overview (09 December 2020)

Yesterday, USD strengthened against most major currencies except NZD and CHF.

NZD/USD Outlook (09 December 2020)

Overall, NZD/USD is trending upwards. Recently, NZD/USD has been ranging across.

NZD/USDs next support zone is at 0.70000 and the next resistance zone is at 0.72000.

Look for buying opportunities of NZD/USD.

AUD/USD Outlook (09 December 2020)

Overall, AUD/USD is trending upwards. Recently, AUD/USD bounced up from the key level of 0.74.

The Australian Westpac Consumer Sentiment data (Actual: 4.1%, Forecast: NA, Previous: 2.5%) released earlier today indicated continued increase in consumers confidence of the Australian economic conditions. The index has rose to a ten year high since October 2010.

AUD/USDs next support zone is at 0.73900 and the next resistance zone is at 0.76800.

Look for buying opportunities of AUD/USD.

USD/JPY Outlook (09 December 2020)

Overall, USD/JPY is ranging across.

USD/JPYs next support zone is at 103.400 and the next resistance zone is at 105.600.

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

EUR/USD Outlook (09 December 2020)

Overall, EUR/USD is trending upwards.

The German ZEW Economic Sentiment data (Actual: 55.0, Forecast: 45.2, Previous: 39.0) released yesterday indicated a strong increase in the level of confidence from the surveyed investors and analysts on the German economy due to the recent COVID-19 vaccine approvals.

EUR/USDs next support zone is at 1.19800 and the next resistance zone is at 1.21800.

With the ongoing negotiation of the post-Brexit trade deal, look for short-term selling opportunities of EUR/USD.

GBP/USD Outlook (09 December 2020)

Overall, GBP/USD is trending upwards.

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

With the ongoing negotiation of the post-Brexit trade deal, look for short-term selling opportunities of GBP/USD.

USD/CAD Outlook (09 December 2020)

Overall, USD/CAD is trending downwards.

The Bank of Canada (BoC) will be announcing their monetary policy decision later at 2300 (SGT). It is expected that the central bank will be holding interest rate unchanged at 0.25%. it is unlikely that the BoC will carry out any new monetary policy changes.

Currently, USD/CAD is moving towards the support zone of 1.27900 and the next resistance zone is at 1.29800.

Look for selling opportunities of USD/CAD if it breaks the support zone of 1.27900.

GBP/JPY Outlook (09 December 2020)

Overall, GBP/JPY is trending upwards.

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

With the ongoing negotiation of the post-Brexit trade deal, look for short-term selling opportunities of GBP/JPY.

EUR/JPY Outlook (09 December 2020)

Overall, EUR/JPY is trending upwards.

The German ZEW Economic Sentiment data (Actual: 55.0, Forecast: 45.2, Previous: 39.0) released yesterday indicated a strong increase in the level of confidence from the surveyed investors and analysts on the German economy due to the recent COVID-19 vaccine approvals.

EUR/JPYs next support zone is at 124.750 and the next resistance zone is at 126.700.

With the ongoing negotiation of the post-Brexit trade deal, look for short-term selling opportunities of EUR/JPY.