Daily Forex Analysis - 18 November 2020

USD Overview (18 November 2020)

Yesterday, USD weakened against most major currencies except AUD, NZD and CAD.

The retail sales m/m data released yesterday indicated a strong slowdown in consumer spending in October as new COVID-19 restrictions have been imposed on businesses in some states.

- Core Retail Sales m/m (Actual: 0.2%, Forecast: 0.4%, Previous: 1.2% revised from 0.3%)

- Retail Sales m/m (Actual: 0.3%, Forecast: 0.5%, Previous: 1.6% revised from 1.9%)

Earlier today, it was reported that President Donald Trump had fired a Department of Homeland Security official over his public refutation of the presidents claims on election fraud.

The U.S. housing data will be released later at 2130 (SGT).

- Building Permits (Forecast: 1.57M, Previous: 1.55M)

- Housing Starts (Forecast: 1.45M, Previous: 1.42M)

NZD/USD Outlook (18 November 2020)

Overall, NZD/USD is trending upwards. Recently, NZD/USD bounced off the key level of 0.69.

NZD/USDs next support zone is at 0.67900 and the next resistance zone is at 0.70000.

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

AUD/USD Outlook (18 November 2020)

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

The Australian employment data will be released tomorrow at 0830 (SGT).

- Employment Change (Forecast: -26.7K, Previous: -29.5K)

- Unemployment Rate (Forecast: 7.1%, Previous: 6.9%)

AUD/USDs next support zone is at 0.72200 and the next resistance zone is at 0.73900.

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

USD/JPY Outlook (18 November 2020)

Overall, USD/JPY is ranging across. Recently, USD/JPY trended into the support zone of 104.200.

Currently, USD/JPY is testing 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 (18 November 2020)

Overall, EUR/USD is ranging across. Recently, EUR/USD bounced down from the key level of 1.19.

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

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

GBP/USD Outlook (18 November 2020)

Overall, GBP/USD is trending upwards.

The UK CPI y/y data will be released later at 1500 (SGT).

- CPI y/y (Forecast: 0.5%, Previous: 0.5%)

- Core CPI y/y (Forecast: 1.3%, Previous: 1.3%)

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

Look for short-term selling opportunities of GBP/USD if it bounces off the resistance zone of 1.32200.

USD/CAD Outlook (18 November 2020)

Overall, USD/CAD is ranging across. Recently, USD/CAD broke above the key level of 1.31.

During the OPEC+ meeting yesterday, many members expressed support for a three-month extension of the current level of oil production cuts.

The Canadian CPI m/m data (Forecast: 0.2%, Previous: -0.1%) will be released later at 2130 (SGT).

Currently, USD/CADs next support zone is at 1.30300 and the next resistance zone is at 1.32200.

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

GBP/JPY Outlook (18 November 2020)

Overall, GBP/JPY is trending upwards. Recently, GBP/JPY has been ranging around the key level of 138.

The UK CPI y/y data will be released later at 1500 (SGT).

- CPI y/y (Forecast: 0.5%, Previous: 0.5%)

- Core CPI y/y (Forecast: 1.3%, Previous: 1.3%)

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 if it breaks above the key level of 138.

EUR/JPY Outlook (18 November 2020)

Overall, EUR/JPY is ranging across. Recently, EUR/JPY bounced down from the key level of 124.

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

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