Daily Forex Analysis-Nov 4

Yesterday, USD weakened against all major currencies after a strong rally in the stock market led to the decline in demand of USD.

The ADP Non-Farm Employment Change data will be released later at 2115 (SGT).

Also, the ISM Services PMI data (Forecast: 57.4, Previous: 57.8) will be released later at 2300 (SGT).

Overall, NZD/USD is ranging across. Recently, NZD/USD trended higher after a strong rally in the stock market led to the decline in demand of USD.

The New Zealand employment data released earlier today indicated a deterioration in the jobs market in the third quarter due to the negative impact of COVID-19.

- Employment Change q/q (Actual: -0.8%, Forecast: -0.7%, Previous: -0.4%)

- Unemployment Rate (Actual: 5.3%, Forecast: 5.3%, Previous: 4.0%)

The ANZ Business Confidence data (Forecast: NA, Previous: -15.7) will be released tomorrow at 0830 (SGT).

NZD/USDs next support zone is at 0.65400 and the next resistance zone is at 0.67900.

As the U.S. Presidential Election is still in progress, look for short-term selling opportunities of NZD/USD.

Overall, AUD/USD is ranging across. Recently, AUD/USD trended higher and bounced off the resistance zone of 0.77200 after a strong rally in the stock market led to the decline in demand of USD.

Yesterday, the Reserve Bank of Australia (RBA) cut interest rate from 0.25% to 0.10%. In addition, the central bank also intends to purchase $100 billion of government bonds of maturities of around 5 to 10 years over the next six months. Despite carrying out further easing in the monetary policy, the RBA is optimistic in the Australian economy and has upgraded their short-term economic outlook.

The Australian Trade Balance data (Forecast: 3.70B, Previous: 2.64B) will be released tomorrow at 0830 (SGT).

AUD/USDs next support zone is at 0.70400 and the next resistance zone is at 0.72200.

As the U.S. Presidential Election is still in progress, look for short-term selling opportunities of AUD/USD.

Overall, USD/JPY is trending downwards. Recently, USD/JPY strengthened after a strong rally in the stock market led to the decline in demand of USD.

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

As the U.S. Presidential Election is still in progress, look for short-term buying opportunities of USD/JPY.

Overall, EUR/USD is ranging across. Recently, EUR/USD strengthened after a strong rally in the stock market led to the decline in demand of USD.

Currently, EUR/USD is testing the support zone of 1.16500 and the next resistance zone is at 1.17900.

As the U.S. Presidential Election is still in progress, if EUR/USD breaks the support zone of 1.16500, look for short-term selling opportunities of EUR/USD.

Overall, GBP/USD is ranging across. Recently, GBP/USD strengthened and bounced off the resistance zone of 1.30400 after a strong rally in the stock market led to the decline in demand of USD.

Currently, GBP/USD is testing to break below the key level of 1.30. Its next support zone is at 1.27300 and the next resistance zone is at 1.30400.

As the U.S. Presidential Election is still in progress, look for short-term selling opportunities of GBP/USD if it breaks below the key level of 1.30.

Overall, USD/CAD is ranging across. Recently, USD/CAD broke the support zone of 1.32200 after a strong rally in the stock market led to the decline in demand of USD.

The Canadian Trade Balance data (Forecast: -2.2B, Previous: -2.4B) will be released later at 2130 (SGT).

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

As the U.S. Presidential Election is still in progress, look for short-term buying opportunities of USD/CAD if it breaks the resistance zone of 1.32200.

Overall, GBP/JPY is ranging across. Recently, GBP/JPY trended higher and broke above the key level of 136.

GBP/JPYs next support zone is at 133.840 and the next resistance zone is at 135.350.

As the U.S. Presidential Election is still in progress, look for short-term buying opportunities of GBP/JPY.

Overall, EUR/JPY is trending downwards. Recently, EUR/JPY bounced off the resistance zone of 122.600.

Currently, EUR/JPY is moving towards the resistance zone of 122.600 and the next support zone is at 119.500.

As the U.S. Presidential Election is still in progress, look for short-term selling opportunities of EUR/JPY if it bounces off the resistance zone of 122.600.