Daily Forex Analysis - 16 November 2020

USD Overview (16 November 2020)

Last Friday, USD weakened against all major currencies.

The PPI m/m data released last Friday indicated a slowdown in the increase of price of goods sold by producers.

- Core PPI m/m (Actual: 0.1%, Forecast: 0.2%, Previous: 0.4%)

- PPI m/m (Actual: 0.3%, Forecast: 0.2%, Previous: 0.4%)

Also, the Preliminary UoM Consumer Sentiment data (Actual: 77.0, Forecast: 82.1, Previous: 81.8 revised from 81.2) released indicated a strong decline of consumer confidence in October after 3 months of increase amid the worsening condition of COVID-19.

NZD/USD Outlook (16 November 2020)

Overall, NZD/USD is trending upwards. Recently, NZD/USD bounced off the key support zone of 0.67900.

Currently, NZD/USD is moving towards 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 breaks above the key level of 0.69.

AUD/USD Outlook (16 November 2020)

Overall, AUD/USD is trending upwards. Recently, AUD/USD bounced off the support zone of 0.72200.

Reserve Bank of Australia (RBA) Governor Lowe will be speaking later at 1640 (SGT). During this time, there may be volatility in AUD.

The RBA will be releasing the minutes for the previous monetary policy meeting tomorrow at 0830 (SGT).

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 breaks above the key level of 0.73.

USD/JPY Outlook (16 November 2020)

Overall, USD/JPY is ranging across. Recently, USD/JPY broke below the key level of 105.

The Japanese Preliminary GDP q/q data (Actual: 5.0%, Forecast: TBA, Previous: -7.9% revised from -7.8%) released earlier today indicated the strongest economic growth since 1968, taking the Japanese economy out of technical recession.

Currently, USD/JPY is moving towards the support zone of 104.200 and the next resistance zone is at 106.300.

Look for selling opportunities of USD/JPY if it breaks the support zone of 104.200.

EUR/USD Outlook (16 November 2020)

Overall, EUR/USD is ranging across. Recently, EUR/USD broke the resistance zone of 1.17900.

The eurozone flash employment change data released last Friday indicated a strong recovery in employment while economic growth during the third quarter continued to grow at the same pace as the previous quarter.

- Flash Employment Change q/q (Actual: 0.9%, Forecast: 0.7%, Previous: -2.9% revised from -2.8%)

- Flash GDP q/q (Actual: 12.6%, Forecast: 12.7%, Previous: 12.7%)

European Central Bank President Lagarde will be speaking later at 2100 (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 buying opportunities of EUR/USD.

GBP/USD Outlook (16 November 2020)

Overall, GBP/USD is trending upwards. Recently, GBP/USD bounced up from the key level of 1.31.

Currently, GBP/USD is testing the resistance zone of 1.32200 and the next support zone is at 1.30400.

Look for buying opportunities of GBP/USD if it breaks the resistance zone of 1.32200.

USD/CAD Outlook (16 November 2020)

Overall, USD/CAD is ranging across.

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

Look for selling opportunities of USD/CAD.

GBP/JPY Outlook (16 November 2020)

Overall, GBP/JPY is trending upwards. Recently, GBP/JPY bounced off the support zone of 137.500.

The Japanese Preliminary GDP q/q data (Actual: 5.0%, Forecast: TBA, Previous: -7.9% revised from -7.8%) released earlier today indicated the strongest economic growth since 1968, taking the Japanese economy out of technical recession.

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

Look for buying opportunities of GBP/JPY.

EUR/JPY Outlook (16 November 2020)

Overall, EUR/JPY is ranging across.

The eurozone flash employment change data released last Friday indicated a strong recovery in employment while economic growth during the third quarter continued to grow at the same pace as the previous quarter.

- Flash Employment Change q/q (Actual: 0.9%, Forecast: 0.7%, Previous: -2.9% revised from -2.8%)

- Flash GDP q/q (Actual: 12.6%, Forecast: 12.7%, Previous: 12.7%)

The Japanese Preliminary GDP q/q data (Actual: 5.0%, Forecast: TBA, Previous: -7.9% revised from -7.8%) released earlier today indicated the strongest economic growth since 1968, taking the Japanese economy out of technical recession.

European Central Bank President Lagarde will be speaking later at 2100 (SGT). During this time, there may be volatility in EUR.

EUR/JPYs next support zone is at 122.600 and the next resistance zone is at 124.750.

Look for selling opportunities of EUR/JPY.