Daily Forex Analysis - 10 February 2021

USD Overview (10 February 2021)

Yesterday, USD weakened against all major currencies.

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

- CPI m/m (Forecast: 0.3%, Previous: 0.4%)

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

Federal Reserve Chairman Jerome Powell will be speaking at a webinar hosted by the Economic Club of New York. During this time, there may be volatility in USD.

NZD/USD Outlook (10 February 2021)

Overall, NZD/USD is ranging across.

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 (10 February 2021)

Overall, AUD/USD is ranging across.

The Australian Westpac Consumer Sentiment data (Actual: 1.9%, Forecast: NA, Previous: -4.5%) released earlier today indicated a recovery in the confidence level of consumers on the economy.

The MI Inflation Expectations data (Forecast: NA, Previous: 3.4%) will be released tomorrow at 0800 (SGT).

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

Look for buying opportunities of AUD/USD.

USD/JPY Outlook (10 February 2021)

Overall, USD/JPY is trending upwards. Recently, USD/JPY trended into the support zone of 104.600.

Japanese banks will be closed tomorrow in observance of National Foundation Day. Expect lower trading volatility and volume during the Japanese market session.

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

Look for selling opportunities of USD/JPY if it breaks the support zone of 104.600.

EUR/USD Outlook (10 February 2021)

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

EUR/USDs next support zone is at 1.20750 and the next resistance zone is at 1.23170.

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

GBP/USD Outlook (10 February 2021)

Overall, GBP/USD is trending upwards. Recently, GBP/USD broke the resistance zone of 1.37800.

Bank of England Governor Andrew Bailey will be speaking at the Mansion House dinner tomorrow at 0100 (SGT). During this time, there may be volatility in GBP.

GBP/USDs next support zone of 1.37800 and the next resistance zone is at 1.40000.

Look for buying opportunities of GBP/USD.

USD/CAD Outlook (10 February 2021)

Overall, USD/CAD is ranging across.

USD/CADs support zone is at 1.26100 and the next resistance zone is at 1.28500.

Look for selling opportunities of USD/CAD.

GBP/JPY Outlook (10 February 2021)

Overall, GBP/JPY is trending upwards. Recently, GBP/JPY bounced off the support zone of 144.000.

Bank of England Governor Andrew Bailey will be speaking at the Mansion House dinner tomorrow at 0100 (SGT). During this time, there may be volatility in GBP.

Japanese banks will be closed tomorrow in observance of National Foundation Day. Expect lower trading volatility and volume during the Japanese market session.

GBP/JPYs next support zone is at 144.000 and the next resistance zone is at 146.000.

Look for buying opportunities of GBP/JPY.

EUR/JPY Outlook (10 February 2021)

Overall, EUR/JPY is ranging across. Recently, EUR/JPY bounced off the resistance zone of 127.150.

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

Look for buying opportunities of EUR/JPY if it breaks the resistance zone of 127.150.