Daily Forex Analysis - 15 January 2021

USD Overview (15 January 2021)

Yesterday, USD weakened against most major currencies except EUR.

Earlier today, President-elect Joe Biden announced the details of the $1.9 trillion COVID-19 rescue package.

The Retail Sales m/m data will be released later at 2130 (SGT).

- Core Retail Sales m/m (Forecast: -0.1%, Previous: -0.9%)

- Retail Sales m/m (Forecast: 0.0%, Previous: -1.1%)

The Preliminary UoM Consumer Sentiment data (Forecast: 79.5, Previous: 80.7 revised from 81.4) will be released later at 2300 (SGT).

U.S. banks will be closed in observance of Martin Luther King Day next Monday. Expect lower trading volatility and volume during the U.S. market session.

NZD/USD Outlook (15 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 (15 January 2021)

Overall, AUD/USD is trending upwards. Recently, AUD/USD bounced down from the key level of 0.78.

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 (15 January 2021)

Overall, USD/JPY is ranging across. Recently, USD/JPY broke below the key level of 104.

USD/JPYs 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 (15 January 2021)

Overall, EUR/USD is ranging across. Recently, EUR/USD bounced down from the resistance zone of 1.21800.

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 (15 January 2021)

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

The UK GDP m/m data (Forecast: -4.6%, Previous: 0.4%) will be released later at 1500 (SGT).

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 (15 January 2021)

Overall, USD/CAD is ranging across. Recently, USD/CAD broke below the key level of 1.27.

USD/CADs 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 (15 January 2021)

Overall, GBP/JPY is trending upwards.

The UK GDP m/m data (Forecast: -4.6%, Previous: 0.4%) will be released later at 1500 (SGT).

Currently, GBP/JPY is testing 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 (15 January 2021)

Overall, EUR/JPY is ranging across.

Currently, EUR/JPY is testing to break below the key level of 126. Its next support zone is at 124.750 and the next resistance zone is at 126.800.

Look for selling opportunities of EUR/JPY.