Daily Forex Analysis - 19 January 2021

USD Overview (19 January 2021)

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

It was reported that President Trump has signed an order to lift the COVID-19 travel restrictions that was imposed on Europe last year. However, a spokeswoman for President-elect Joe Biden said that he plans to undo Trumps order when he takes office on Wednesday.

NZD/USD Outlook (19 January 2021)

Overall, NZD/USD is trending upwards. Recently, NZD/USD bounced up from the key level of 0.71.

NZD/USDs next support zone is at 0.70100 and the next resistance zone is at 0.72000.

Look for selling opportunities of NZD/USD.

AUD/USD Outlook (19 January 2021)

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

The Australian Westpac Consumer Sentiment data (Forecast: NA, Previous: 4.1%) will be released tomorrow at 0730 (SGT).

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

Look for buying opportunities of AUD/USD.

USD/JPY Outlook (19 January 2021)

Overall, USD/JPY is ranging across.

Currently, USD/JPY is moving towards the key level of 104. Its next support zone is at 103.000 and the next resistance zone of 104.600.

Look for buying opportunities of USD/JPY if it breaks above the key level of 104.

EUR/USD Outlook (19 January 2021)

Overall, EUR/USD is trending downwards.

The eurozone and German ZEW Economic Sentiment data will be released later at 1800 (SGT).

- Eurozone ZEW Economic Sentiment (Forecast: 54.1, Previous: 54.4)

- German ZEW Economic Sentiment (Forecast: 55.1, Previous: 55.0)

Currently, EUR/USD is testing to break above the key level of 1.21. Its next support zone is at 1.19800 and the next resistance zone is at 1.21800.

Look for selling opportunities of EUR/USD if it bounces down from the key level of 1.21.

GBP/USD Outlook (19 January 2021)

Overall, GBP/USD is trending upwards.

Currently, GBP/USD is testing to break above the key level of 1.36. Its next support zone is at 1.34800 and the next resistance zone is at 1.37800.

Look for selling opportunities of GBP/USD if it bounces down from the key level of 1.36.

USD/CAD Outlook (19 January 2021)

Overall, USD/CAD is ranging across. Recently, USD/CAD rejected the resistance zone of 1.27900.

The Canadian Housing Starts data (Actual: 228K, Forecast: 230K, Previous: 261K revised from 246K) released yesterday indicated continued increase in the number of residential buildings that began construction in December.

USD/CADs support zone is at 1.25720 and the next resistance zone is at 1.27900.

Look for selling opportunities of USD/CAD.

GBP/JPY Outlook (19 January 2021)

Overall, GBP/JPY is trending upwards. Recently, GBP/JPY broke above the key level of 141.

GBP/JPYs next support zone is at 140.000 and the next resistance zone is at 142.200.

Look for buying opportunities of GBP/JPY.

EUR/JPY Outlook (19 January 2021)

Overall, EUR/JPY is trending downwards.

The eurozone and German ZEW Economic Sentiment data will be released later at 1800 (SGT).

- Eurozone ZEW Economic Sentiment (Forecast: 54.1, Previous: 54.4)

- German ZEW Economic Sentiment (Forecast: 55.1, Previous: 55.0)

Currently, EUR/JPY is moving towards 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 if it bounces down from the key level of 126.