Daily Forex Analysis - 15 December 2020

USD Overview (15 December 2020)

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

NZD/USD Outlook (15 December 2020)

Overall, NZD/USD is trending upwards. Recently, NZD/USD broke below the key level of 0.71.

Currently, NZD/USD is moving towards the key level of 0.71. Its next support zone is at 0.70000 and the next resistance zone is at 0.72000.

Look for buying opportunities of NZD/USD if it breaks above the key level of 0.71.

AUD/USD Outlook (15 December 2020)

Overall, AUD/USD is trending upwards. Recently, AUD/USD has been ranging across.

Earlier today, it was reported that China has blacklisted Australian coal.

The Australian flash PMI data will be released tomorrow at 0600 (SGT).

- Flash Manufacturing PMI (Forecast: NA, Previous: 55.8 revised from 56.1)

- Flash Services PMI (Forecast: NA, Previous: 55.1 revised from 54.9)

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

With the ban of Australian coal from China, look for short-term selling opportunities of AUD/USD.

USD/JPY Outlook (15 December 2020)

Overall, USD/JPY is trending downwards. Recently, USD/JPY bounced off the support zone of 103.400.

The Japanese Flash Manufacturing PMI (Forecast: 48.9, Previous: 49.0 revised from 48.3) will be released tomorrow at 0830 (SGT).

Currently, USD/JPY is testing to break above 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 breaks above the key level of 104.

EUR/USD Outlook (15 December 2020)

Overall, EUR/USD is trending upwards.

Currently, EUR/USD is testing the resistance zone of 1.21800 and the next support zone is at 1.19800.

With the ongoing negotiation of the post-Brexit trade deal, look for short-term selling opportunities of EUR/USD if it bounces off the resistance zone of 1.21800.

GBP/USD Outlook (15 December 2020)

Overall, GBP/USD is ranging across. Recently, GBP/USD bounced off the resistance zone of 1.34600 after it was reported that the UK is now denying that significant progress has been made in post-Brexit trade talks.

The UK employment data will be released later at 1500 (SGT).

- Average Earnings Index 3m/y (Forecast: 2.2%, Previous: 1.3%)

- Claimant Count Change (Forecast: 10.5K, Previous: -29.8K)

- Unemployment Rate (Forecast: 5.2%, Previous: 4.8%)

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

With the ongoing negotiation of the post-Brexit trade deal, look for short-term selling opportunities of GBP/USD.

USD/CAD Outlook (15 December 2020)

Overall, USD/CAD is trending downwards.

The Canadian Housing Starts data (Forecast: 220K, Previous: 215K) will be released later at 2115 (SGT).

Bank of Canada Governor Tiff Macklem will be speaking tomorrow at 0330 (SGT). During this time, there may be volatility in CAD.

Currently, USD/CAD is bouncing off the resistance zone of 1.27900 and the next support zone is at 1.25720.

Look for selling opportunities of USD/CAD.

GBP/JPY Outlook (15 December 2020)

Overall, GBP/JPY is ranging across. Recently, GBP/JPY bounced down from the key level of 139 after it was reported that the UK is now denying that significant progress has been made in post-Brexit trade talks.

The Japanese Flash Manufacturing PMI (Forecast: 48.9, Previous: 49.0 revised from 48.3) will be released tomorrow at 0830 (SGT).

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

With the ongoing negotiation of the post-Brexit trade deal, look for short-term selling opportunities of GBP/JPY.

EUR/JPY Outlook (15 December 2020)

Overall, EUR/JPY is trending upwards. Recently, EUR/JPY has been ranging across.

The Japanese Flash Manufacturing PMI (Forecast: 48.9, Previous: 49.0 revised from 48.3) will be released tomorrow at 0830 (SGT).

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

With the ongoing negotiation of the post-Brexit trade deal, look for short-term selling opportunities of EUR/JPY if it rejects the resistance zone of 126.700.