Daily Forex Analysis - 3 December 2020

USD Overview (03 December 2020)

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

The ISM Services PMI data (Forecast: 56.0, Previous: 56.6) will be released later at 2300 (SGT).

The OPEC-JMMC meetings will be held today.

NZD/USD Outlook (03 December 2020)

Overall, NZD/USD is trending upwards.

The New Zealand Building Consents m/m data (Actual: 8.8%, Forecast: NA, Previous: 3.6%) released earlier today indicated an increase in the number of building permits approved in October.

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

Look for buying opportunities of NZD/USD.

AUD/USD Outlook (03 December 2020)

Overall, AUD/USD is trending upwards.

The Australian Retail Sales m/m data (Forecast: 0.5%, Previous: 1.6%) will be released tomorrow at 0830 (SGT).

Currently, AUD/USD is testing 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 (03 December 2020)

Overall, USD/JPY is ranging across.

USD/JPYs next support zone of 103.400 and the next resistance zone is at 105.600.

Look for buying opportunities of USD/JPY.

EUR/USD Outlook (03 December 2020)

Overall, EUR/USD is trending upwards. Recently, EUR/USD broke above the key level of 1.21.

The eurozone unemployment rate data (Actual: 8.4%, Forecast: 8.4%, Previous: 8.5% revised from 8.3%) released yesterday indicated a slight decline in unemployment.

The eurozone Retail Sales m/m data (Forecast: 0.7%, Previous: -2.0%) will be released later at 1800 (SGT).

EUR/USDs next support zone is at 1.19800 and the next resistance zone is at 1.21800.

Look for buying opportunities of EUR/USD.

GBP/USD Outlook (03 December 2020)

Overall, GBP/USD is trending upwards. Recently, GBP/USD broke below the key level of 1.34 after it was reported that EU Chief Brexit negotiator Michel Barnier will be telling the EU ambassadors that there may be no Brexit deal.

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

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

USD/CAD Outlook (03 December 2020)

Overall, USD/CAD is trending downwards.

The OPEC-JMMC meetings will be held today.

USD/CADs next support zone is at 1.28400 and the next resistance zone is at 1.30300.

Look for selling opportunities of USD/CAD.

GBP/JPY Outlook (03 December 2020)

Overall, GBP/JPY is trending upwards. Recently, GBP/JPY bounced off the resistance zone of 140.000 after it was reported that EU Chief Brexit negotiator Michel Barnier will be telling the EU ambassadors that there may be no Brexit deal.

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 selling opportunities of GBP/JPY if it bounces off the resistance zone of 140.000.

EUR/JPY Outlook (03 December 2020)

Overall, EUR/JPY is trending upwards. Recently, EUR/JPY trended into the resistance zone of 126.700.

The eurozone unemployment rate data (Actual: 8.4%, Forecast: 8.4%, Previous: 8.5% revised from 8.3%) released yesterday indicated a slight decline in unemployment.

The eurozone Retail Sales m/m data (Forecast: 0.7%, Previous: -2.0%) will be released later at 1800 (SGT).

Currently, EUR/JPY is testing the resistance zone of 126.700 and the next support zone is at 124.750.

Look for buying opportunities of EUR/JPY if it breaks the resistance zone of 126.700.