Daily Forex Analysis - 8 December 2020

USD Overview (08 December 2020)

Yesterday, USD strengthened against most major currencies except JPY and CHF.

NZD/USD Outlook (08 December 2020)

Overall, NZD/USD is trending upwards. Recently, NZD/USD bounced up from the support zone of 0.70000.

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 (08 December 2020)

Overall, AUD/USD is trending upwards. Recently, AUD/USD bounced off the support zone of 0.73900.

The Australian Westpac Consumer Sentiment data (Forecast: NA, Previous: 2.5%) will be released tomorrow at 0730 (SGT).

AUD/USDs next support zone is at 0.73900 and the next resistance zone is at 0.76800.

Look for buying opportunities of AUD/USD.

USD/JPY Outlook (08 December 2020)

Overall, USD/JPY is ranging across.

Currently, USD/JPY is testing to break below the key level of 104. Its next support zone is at 103.400 and the next resistance zone is at 105.600.

Look for short-term buying opportunities of USD/JPY if it bounces up from the key level of 104.

EUR/USD Outlook (08 December 2020)

Overall, EUR/USD is trending upwards. Recently, EUR/USD bounced off the resistance zone of 1.21800.

The German ZEW Economic Sentiment data (Forecast: 45.2, Previous: 39.0) 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.

With the recent volatility caused by the uncertainty of the post-Brexit trade deal, look for short-term selling opportunities of EUR/USD.

GBP/USD Outlook (08 December 2020)

Overall, GBP/USD is trending upwards. Recently, GBP/USD plunged and bounced off the support zone of 1.32200 after it was reported that UK Prime Minister Boris Johnson is ready to quit post-Brexit trade talk after the EU refused to give in to the terms of the UK.

The UK Construction PMI data (Actual: 54.7, Forecast: 52.3, Previous: 53.1) released last Friday indicated an increase in the rate of expansion of the construction sector in November.

The UK will start administering COVID-19 vaccines today.

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

With the recent volatility caused by the uncertainty of the post-Brexit trade deal, look for short-term selling opportunities of GBP/USD.

USD/CAD Outlook (08 December 2020)

Overall, USD/CAD is trending downwards.

The Canadian Ivey PMI data (Actual: 52.7, Forecast: NA, Previous: 54.5) released yesterday indicated a slight slowdown in business activities in November.

Currently, USD/CAD is testing the support zone of 1.27900 and the next resistance zone is at 1.29800.

Look for selling opportunities of USD/CAD if it breaks the support zone of 1.27900.

GBP/JPY Outlook (08 December 2020)

Overall, GBP/JPY is trending upwards. Recently, GBP/JPY plunged after it was reported that UK Prime Minister Boris Johnson is ready to quit post-Brexit trade talk after the EU refused to give in to the terms of the UK.

The UK Construction PMI data (Actual: 54.7, Forecast: 52.3, Previous: 53.1) released last Friday indicated an increase in the rate of expansion of the construction sector in November.

The UK will start administering COVID-19 vaccines today.

Currently, GBP/JPY is testing to break below the key level of 139. Its next support zone is at 137.500 and the next resistance zone is at 140.000.

With the recent volatility caused by the uncertainty of the post-Brexit trade deal, look for short-term selling opportunities of GBP/JPY if it breaks below the key level of 139.

EUR/JPY Outlook (08 December 2020)

Overall, EUR/JPY is trending upwards.

The German ZEW Economic Sentiment data (Forecast: 45.2, Previous: 39.0) will be released later at 1800 (SGT).

EUR/JPYs next support zone is at 124.750 and the next resistance zone is at 126.700.

With the recent volatility caused by the uncertainty of the post-Brexit trade deal, look for short-term selling opportunities of EUR/JPY.