Australian Dollar Tests Multi-Month Lows: Analysis For USD/JPY, EUR/USD, AUD/USD, NZD/USD

USD/JPY Remains Stuck Near 153.00

USD/JPY is trying to settle above the resistance at 153.00 – 153.50 as traders react to the Unemployment Rate report from Japan. The report indicated that Unemployment Rate declined from 2.5% in August to 2.4% in September, compared to analyst consensus of 2.5%.

In case USD/JPY manages to settle above 153.50, it will gain additional upside momentum and move towards the next resistance level at 155.00 – 155.50.

EUR/USD Is Flat As Traders Focus On Germany’s Consumer Confidence Data

EUR/USD is mostly flat as traders focus on the GfK Consumer Confidence report from Germany. The report showed that Consumer Confidence improved from -21.0 in October to -18.3 in November, compared to analyst forecast of -20.5. From a big picture point of view, Germany’s economy remains under strong pressure, which is bearish for the euro.

If EUR/USD climbs above the 50 MA at 1.0819, it will head towards the next resistance level, which is located in the 1.0900 – 1.0915 range.

AUD/USD Tests New Lows As Pullback Continues

AUD/USD tests new lows as demand for commodity-related currencies declines amid pullback in the oil markets.

Currently, AUD/USD is trying to settle below the support at 0.6550 – 0.6560. In case this attempt is successful, AUD/USD will head towards the next support level at 0.6470 – 0.6480.

NZD/USD Remains Under Pressure

NZD/USD continues its attempts to settle below the support level at 0.5975 – 0.5985. There are no important economic reports scheduled to be released in New Zealand today, so traders will stay focused on general market sentiment.

A successful test of the support at 0.5975 – 0.5985 will push NZD/USD towards the next support level at 0.5920 – 0.5930. On the upside, a move above the 0.6000 level will open the way to the test of the 50 MA at 0.6024.

For a look at all of today’s economic events, check out our economic calendar.