Daily Forex Analysis - 03 February 2021

USD Overview (03 February 2021)

Yesterday, USD strengthened against most major currencies except NZD and CAD.

OPEC-JMMC meetings will be held today.

The ADP Non-Farm Employment Change data (Forecast: 48K, Previous: -123K) will be released later at 2115 (SGT).

The Final Services PMI data (Forecast: 57.4, Previous: 57.5) will be released later at 2245 (SGT).

The ISM Services PMI data (Forecast: 56.7, Previous: 57.2) will be released later at 2300 (SGT).

NZD/USD Outlook (03 February 2021)

Overall, NZD/USD is ranging across. Recently, NZD/USD broke above the key level of 0.72.

The New Zealand employment data released earlier today indicated a strong recovery of the jobs market during the fourth quarter of 2021. Jobs increased by 0.6% while unemployment rate fell instead of the expected rise.

- Employment Change q/q (Actual: 0.6%, Forecast: 0.1%, Previous: -0.7% revised from -0.8%)

- Unemployment Rate (Actual: 4.9%, Forecast: 5.6%, Previous: 5.3%)

The Building Consents m/m data (Forecast: NA, Previous: 1.2%) will be released tomorrow at 0545 (SGT).

The Preliminary ANZ Business Confidence data (Forecast: NA, Previous: 9.4 revised from -15.6) will be released tomorrow at 0800 (SGT).

NZD/USDs next support zone is at 0.71000 and the next resistance zone is at 0.72850.

Look for buying opportunities of NZD/USD.

AUD/USD Outlook (03 February 2021)

Overall, AUD/USD is trending downwards. Recently, AUD/USD trended into the support zone of 0.76000.

During the monetary policy meeting yesterday, the Reserve Bank of Australia (RBA) held interest rate unchanged at 0.10% while deciding to purchase additional $100 billion of bonds issued by the Australian government.

The Building Approvals m/m data (Actual: 10.9%, Forecast: 2.5%, Previous: 3.4% revised from 2.6%) released earlier today indicated a sharp increase in the number of buildings approved for construction.

Currently, AUD/USD is testing the support zone of 0.76000 and the next resistance zone is at 0.77900.

Look for selling opportunities of AUD/USD if it breaks the support zone of 0.76000.

USD/JPY Outlook (03 February 2021)

Overall, USD/JPY is trending upwards.

Currently, USD/JPY is moving towards the key level of 105. Its next support zone is at 104.600 and the next resistance zone is at 105.800.

Look for buying opportunities of USD/JPY if it breaks above the key level of 105.

EUR/USD Outlook (03 February 2021)

Overall, EUR/USD is trending downwards. Recently, EUR/USD broke the support zone of 1.20750.

The eurozone Preliminary Flash GDP q/q data (Actual: -0.7%, Forecast: -1.4%, Previous: 12.5% revised from 12.7%) released yesterday indicated a decline in economic growth during the fourth quarter of 2020.

The eurozone CPI flash estimate y/y data will be released later at 1800 (SGT).

- CPI Flash Estimate y/y (Forecast: 0.6%, Previous: -0.3%)

- Core CPI Flash Estimate y/y (Forecast: 0.9%, Previous: 0.2%)

EUR/USDs next support zone is at 1.18800 and the next resistance zone is at 1.20750.

Look for selling opportunities of EUR/USD.

GBP/USD Outlook (03 February 2021)

Overall, GBP/USD is trending upwards. Recently, GBP/USD bounced down from the key level of 1.37.

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 (03 February 2021)

Overall, USD/CAD is ranging across. Recently, USD/CAD trended into the support zone of 1.27900.

OPEC-JMMC meetings will be held today.

Currently, USD/CAD is testing the support zone of 1.27900 and the next resistance zone is at 1.29800.

Look for selling opportunities of USD/CAD if it breaks the support zone of 1.27900.

GBP/JPY Outlook (03 February 2021)

Overall, GBP/JPY is trending upwards.

GBP/JPYs next support zone is at 142.200 and the next resistance zone of 144.000.

Look for selling opportunities of GBP/JPY.

EUR/JPY Outlook (03 February 2021)

Overall, EUR/JPY is ranging across.

The eurozone Preliminary Flash GDP q/q data (Actual: -0.7%, Forecast: -1.4%, Previous: 12.5% revised from 12.7%) released yesterday indicated a decline in economic growth during the fourth quarter of 2020.

The eurozone CPI flash estimate y/y data will be released later at 1800 (SGT).

- CPI Flash Estimate y/y (Forecast: 0.6%, Previous: -0.3%)

- Core CPI Flash Estimate y/y (Forecast: 0.9%, Previous: 0.2%)

EUR/JPYs next support zone is at 125.000 and the next resistance zone is at 127.150.

Look for selling opportunities of EUR/JPY.