Daily Forex Analysis - 08 February 2021

USD Overview (08 February 2021)

Last Friday, USD weakened against all major currencies.

The U.S. Non-Farm Payrolls data released last Friday indicated a small number of jobs gained in January while unemployment rate continues to decline. Average hourly earnings increased at a slower pace. The soft jobs report led to a slight increase in the markets risk appetite, causing the demand of USD to fall against other major currencies.

- Average Hourly Earnings m/m (Actual: 0.2%, Forecast: 0.3%, Previous: 1.0% revised from 0.8%)

- Non-Farm Employment Change (Actual: 49K, Forecast: 77K, Previous: -227K revised from -140K)

- Unemployment Rate (Actual: 6.3%, Forecast: 6.7%, Previous: 6.7%)

NZD/USD Outlook (08 February 2021)

Overall, NZD/USD is ranging across.

New Zealand banks will be closed today in observance of Waitangi Day. Expect lower trading volatility and volume during the New Zealand market session.

The New Zealand Inflation Expectation q/q data (Forecast: NA, Previous: 1.59%) will be released tomorrow at a tentative timing.

Currently, NZD/USD is testing to break above the key level of 0.72. Its next support zone is at 0.71000 and the next resistance zone is at 0.72850.

Look for buying opportunities of NZD/USD if it breaks above the key level of 0.72.

AUD/USD Outlook (08 February 2021)

Overall, AUD/USD is trending downwards. Recently, AUD/USD bounced off the support zone of 0.76000.

The Australian NAB Business Confidence data (Forecast: NA, Previous: 4) will be released tomorrow at 0830 (SGT).

AUD/USDs next support zone is at 0.76000 and the next resistance zone is at 0.77900.

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

USD/JPY Outlook (08 February 2021)

Overall, USD/JPY is trending upwards. Recently, USD/JPY bounced off the resistance zone of 105.800.

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

Look for short-term selling opportunities of USD/JPY if it bounces off the resistance zone of 105.800.

EUR/USD Outlook (08 February 2021)

Overall, EUR/USD is trending downwards. Recently, EUR/USD broke above the key level of 1.20.

Currently, EUR/USD is moving towards the resistance zone of 1.20750 and the next support zone is at 1.18800.

Look for selling opportunities of EUR/USD if it bounces off the resistance zone of 1.20750.

GBP/USD Outlook (08 February 2021)

Overall, GBP/USD is trending upwards. Recently, GBP/USD broke above 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 buying opportunities of GBP/USD.

USD/CAD Outlook (08 February 2021)

Overall, USD/CAD is ranging across. Recently, USD/CAD broke below the key level of 1.28.

The Canadian employment data released last Friday indicated a strong loss in the number of jobs while unemployment rate rose in January.

- Employment Change (Actual: -212.8K, Forecast: -43.5K, Previous: -62.6K)

- Unemployment Rate (Actual: 9.4%, Forecast: 8.9%, Previous: 8.6%)

The Canadian Ivey PMI data (Actual: 48.4, Forecast: 49.5, Previous: 46.7) released last Friday indicated a slight improvement in business activities in January although it is still in contraction.

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 (08 February 2021)

Overall, GBP/JPY is trending upwards. Recently, GBP/JPY broke the resistance zone of 144.000.

Currently, GBP/JPY is moving towards the key level of 145. Its next support zone is at 144.000 and the next resistance zone is at 146.000.

Look for buying opportunities of GBP/JPY if it breaks above the key level of 145.

EUR/JPY Outlook (08 February 2021)

Overall, EUR/JPY is ranging across. Recently, EUR/JPY trended into the resistance zone of 127.150.

Currently, EUR/JPY is testing the resistance zone of 127.150 and the next support zone is at 125.000.

Look for selling opportunities of EUR/JPY if it rejects the resistance zone of 127.150.