Daily Forex Analysis - 26 November 2020

USD Overview (26 November 2020)

Yesterday, USD weakened against most major currencies except CAD.

The Preliminary GDP q/q data (Actual: 33.1%, Forecast: 33.1%, Previous: 33.1%) released yesterday indicated no change in quarterly GDP from the initial estimate.

The New Home Sales data (Actual: 999K, Forecast: 972K, Previous: 959K) released yesterday indicated an increase in housing sales in October.

U. S. banks will be closed today in observance of Thanksgiving holiday. Expect lower trading volatility and volume during the U.S. market session.

NZD/USD Outlook (26 November 2020)

Overall, NZD/USD is trending upwards.

Currently, NZD/USD is testing the resistance zone of 0.70000 and the next support zone is at 0.67900.

Look for short-term buying opportunities of NZD/USD if it breaks the resistance zone of 0.70000.

AUD/USD Outlook (26 November 2020)

Overall, AUD/USD is trending upwards.

Currently, AUD/USD is moving towards the resistance zone of 0.73900 and the next support zone is at 0.72200.

Look for short-term buying opportunities of AUD/USD if it breaks the resistance zone of 0.73900.

USD/JPY Outlook (26 November 2020)

Overall, USD/JPY is ranging across.

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

Look for short-term buying opportunities of USD/JPY if it bounces off the support zone of 104.200.

EUR/USD Outlook (26 November 2020)

Overall, EUR/USD is ranging across. Recently, EUR/USD broke above the key level of 1.19.

The European Central Bank will be releasing the minutes for the previous monetary policy meeting later at 2030 (SGT).

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

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

GBP/USD Outlook (26 November 2020)

Overall, GBP/USD is trending upwards.

During the release of the Autumn forecast statement by the UK HM Treasury yesterday, finance minister Rishi Sunak said that the UK will be borrowing almost 400 billion pounds this year to overcome the economic damage caused by the COVID-19 pandemic, about 19% of the countrys GDP.

Yesterday, UK Prime Minister Boris Johnson said that the European Union has to accept the fact that the UK must have full control of their waters if progress on fisheries were to be made.

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

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

USD/CAD Outlook (26 November 2020)

Overall, USD/CAD is trending downwards.

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

Look for short-term selling opportunities of USD/CAD if it breaks the support zone of 1.30300.

GBP/JPY Outlook (26 November 2020)

Overall, GBP/JPY is trending upwards. Recently, GBP/JPY bounced up from the key level of 139.

During the release of the Autumn forecast statement by the UK HM Treasury yesterday, finance minister Rishi Sunak said that the UK will be borrowing almost 400 billion pounds this year to overcome the economic damage caused by the COVID-19 pandemic, about 19% of the countrys GDP.

Yesterday, UK Prime Minister Boris Johnson said that the European Union has to accept the fact that the UK must have full control of their waters if progress on fisheries were to be made.

Currently, GBP/JPY is moving towards the resistance zone of 140.000 and the next support zone is at 137.500.

Look for short-term buying opportunities of GBP/JPY if it breaks the resistance zone of 140.000.

EUR/JPY Outlook (26 November 2020)

Overall, EUR/JPY is ranging across.

The European Central Bank will be releasing the minutes for the previous monetary policy meeting later at 2030 (SGT).

Currently, EUR/JPY is moving towards the resistance zone of 124.750 and its next support zone is at 122.600.

Look for short-term buying opportunities of EUR/JPY if it breaks the resistance zone of 124.750.