Daily Forex Analysis - 25 February 2021

USD Overview (25 February 2021)

Yesterday, USD weakened against most major currencies except JPY and CHF.

The preliminary GDP q/q data (Forecast: 4.2%, Previous: 4.0%) will be released later at 2130 (SGT).

NZD/USD Outlook (25 February 2021)

Overall, NZD/USD is trending upwards. Recently, NZD/USD broke above the 0.74 key level.

During his testification earlier today, Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr highlighted that New Zealands outlook remains uncertain and that the central bank is ready to carry out more monetary stimulus if necessary.

Governor Orr will be speaking at the Canterbury Chamber of Commerce tomorrow at 0730 (SGT).

During this time, there may be volatility in NZD.

NZD/USDs next support zone is at 0.72850 and the next resistance zone is at 0.75300.

Look for buying opportunities of NZD/USD.

AUD/USD Outlook (25 February 2021)

Overall, AUD/USD is trending upwards. Recently, AUD/USD bounced up from the key level of 0.79.

AUD/USDs next support zone is at 0.77900 and the next resistance zone is at 0.80800.

Look for buying opportunities of AUD/USD.

USD/JPY Outlook (25 February 2021)

Overall, USD/JPY is trending upwards. Recently, USD/JPY trended into the resistance zone of 106.000.

The Japanese retail sales y/y data (Forecast: -2.6%, Previous: -0.2% revised from -0.3%) will be released tomorrow at 0750 (SGT).

Currently, USD/JPY is testing the resistance zone of 106.000 and the next support zone is at 104.600.

Look for buying opportunities of USD/JPY if it breaks the resistance zone of 106.000.

EUR/USD Outlook (25 February 2021)

Overall, EUR/USD is ranging across.

Currently, EUR/USD is testing the resistance zone of 1.21500 and the next support zone is at 1.19700.

Look for buying opportunities of EUR/USD if it breaks the resistance zone of 1.21500.

GBP/USD Outlook (25 February 2021)

Overall, GBP/USD is trending upwards. Recently, GBP/USD bounced down from the key level of 1.42.

During the UK monetary policy report hearings yesterday, the Bank of England downplayed the possibility of inflation overshooting its 2% target, saying that the data show no sign of it happening.

GBP/USDs next support zone is at 1.40000 and the next resistance zone is at 1.43500.

Look for buying opportunities of GBP/USD.

USD/CAD Outlook (25 February 2021)

Overall, USD/CAD is trending downwards.

Currently, USD/CAD is moving towards the key level of 1.25. Its next support zone is at 1.23800 and the next resistance zone is at 1.26100.

Look for selling opportunities of USD/CAD if it breaks below the key level of 1.25.

GBP/JPY Outlook (25 February 2021)

Overall, GBP/JPY is trending upwards.

During the UK monetary policy report hearings yesterday, the Bank of England downplayed the possibility of inflation overshooting its 2% target, saying that the data show no sign of it happening.

The Japanese retail sales y/y data (Forecast: -2.6%, Previous: -0.2% revised from -0.3%) will be released tomorrow at 0750 (SGT).

Currently, GBP/JPY is testing the resistance zone of 149.800 and the next support zone is at 147.800.

Look for buying opportunities of GBP/JPY if it breaks the resistance zone of 149.800.

EUR/JPY Outlook (25 February 2021)

Overall, EUR/JPY is trending upwards.

The Japanese retail sales y/y data (Forecast: -2.6%, Previous: -0.2% revised from -0.3%) will be released tomorrow at 0750 (SGT).

Currently, EUR/JPY is testing to break above the key level of 129. Its next support zone is at 127.150 and the next resistance zone is at 129.500.

Look for buying opportunities of EUR/JPY if it breaks above the key level of 129.