Daily Forex Analysis - 22 December 2020

USD Overview (22 December 2020)

Yesterday, USD strengthened against most major currencies except GBP, EUR and JPY.

It was reported earlier on that the U.S. House has passed a giant spending package containing emergency economic relief, government funding and tax cuts.

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

NZD/USD Outlook (22 December 2020)

Overall, NZD/USD is trending upwards. Recently, NZD/USD bounced off the support zone of 0.70000.

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

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

AUD/USD Outlook (22 December 2020)

Overall, AUD/USD is trending upwards. Recently, AUD/USD bounced up from the key level of 0.75.

The Australian Retail Sales m/m data (Actual: 7.0%, Forecast: 2.5%, Previous: 1.4%) released today indicated an increase in consumer spending driven by the large rise in sales in Victoria state due to the easing of COVID-19 restrictions.

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

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

USD/JPY Outlook (22 December 2020)

Overall, USD/JPY is ranging across. Recently, USD/JPY broke the resistance zone of 103.400.

Currently, USD/JPY is testing the support zone of 103.400 and the next resistance zone is at 104.600.

Look for buying opportunities of USD/JPY if it bounced off the support zone of 103.400.

EUR/USD Outlook (22 December 2020)

Overall, EUR/USD is trending upwards. Recently, EUR/USD rejected the support zone of 1.21800.

The eurozone Consumer Confidence data (Actual: -14, Forecast: -18, Previous: -18) released yesterday indicated a slight recovery in the view of the eurozones economic recovery from the surveyed consumers.

Currently, EUR/USD is moving towards the support zone of 1.21800 and the next resistance zone is at 1.24800.

Look for short-term selling opportunities of EUR/USD if it breaks the support zone of 1.21800.

GBP/USD Outlook (22 December 2020)

Overall, GBP/USD is ranging across. Recently, GBP/USD bounced off the resistance zone of 1.34600.

The UK Final GDP q/q data (Forecast: 15.5%, Previous: 15.5%) will be released later at 1500 (SGT).

Currently, GBP/USD is moving towards the resistance zone of 1.38160 and the next support zone is at 1.32200.

Look for short-term selling opportunities of GBP/USD if it bounces off the resistance zone of 1.38160.

USD/CAD Outlook (22 December 2020)

Overall, USD/CAD is trending downwards. Recently, USD/CAD bounced off the resistance zone of 1.29800.

USD/CADs next support zone is at 1.27900 and the next resistance zone is at 1.29800.

Look for buying opportunities of USD/CAD.

GBP/JPY Outlook (22 December 2020)

Overall, GBP/JPY is ranging across. Recently, GBP/JPY bounced off the support zone of 137.500 and failed to break above the key level of 139.

The UK Final GDP q/q data (Forecast: 15.5%, Previous: 15.5%) will be released later at 1500 (SGT).

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

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

EUR/JPY Outlook (22 December 2020)

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

The eurozone Consumer Confidence data (Actual: -14, Forecast: -18, Previous: -18) released yesterday indicated a slight recovery in the view of the eurozones economic recovery from the surveyed consumers.

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

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