Daily Forex Analysis - 14 January 2021

USD Overview (14 January 2021)

Yesterday, USD strengthened against most major currencies except CAD.

The U.S. CPI m/m data released yesterday indicated continued increase in inflation in December.

- CPI m/m data (Actual: 0.4%, Forecast: 0.4%, Previous: 0.2%)

- Core CPI m/m data (Actual: 0.1%, Forecast: 0.1%, Previous: 0.2%)

It was reported earlier today that the House of Representatives has voted to impeach President Trump, charging him with the incitement of an insurrection that led to violence in the Capitol.

Federal Reserve Chairman Powell will be speaking at a webinar tomorrow at 0130 (SGT). During this time, there may be volatility in USD.

NZD/USD Outlook (14 January 2021)

Overall, NZD/USD is trending upwards.

Currently, NZD/USD is testing the resistance zone of 0.72000 and the next support zone is at 0.70100.

Look for selling opportunities of NZD/USD if it bounces off the resistance zone of 0.72000.

AUD/USD Outlook (14 January 2021)

Overall, AUD/USD is trending upwards. Recently, AUD/USD bounced off the support zone of 0.76800.

AUD/USDs next support zone is at 0.76800 and the next resistance zone is at 0.79100.

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

USD/JPY Outlook (14 January 2021)

Overall, USD/JPY is ranging across.

Currently, USD/JPY is testing to break above the key level of 104. Its next support zone is at 103.000 and the next resistance zone of 104.600.

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

EUR/USD Outlook (14 January 2021)

Overall, EUR/USD is ranging across. Recently, EUR/USD broke the support zone of 1.21800.

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

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

Look for selling opportunities of EUR/USD.

GBP/USD Outlook (14 January 2021)

Overall, GBP/USD is trending upwards. Recently, GBP/USD bounced down from the key level of 1.37000

GBP/USDs next support zone is at 1.34800 and the next resistance zone is at 1.37800.

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

USD/CAD Outlook (14 January 2021)

Overall, USD/CAD is ranging across.

Currently, USD/CAD is testing to break below the key level of 1.27. Its next support zone is at 1.2572 and the next resistance zone is at 1.27900.

Look for selling opportunities of USD/CAD.

GBP/JPY Outlook (14 January 2021)

Overall, GBP/JPY is trending upwards. Recently, GBP/JPY bounced off the resistance zone of 142.200.

Currently, GBP/JPY is moving towards the resistance zone of 142.200 and its next support zone is at 140.000.

Look for short-term selling opportunities of GBP/JPY if it bounces off the resistance zone of 142.200.

EUR/JPY Outlook (14 January 2021)

Overall, EUR/JPY is ranging across.

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

EUR/JPYs next support zone is at 124.750 and the next resistance zone is at 126.800.

Look for selling opportunities of EUR/JPY.