Daily Forex Analysis - 03 March 2021

USD Overview (03 March 2021)

Yesterday, USD weakened against most major currencies except CHF.

The ISM services PMI data (Forecast: 58.7, Previous: 58.7) will be released later at 2300 (SGT).

NZD/USD Outlook (03 March 2021)

Overall, NZD/USD is ranging across.

The New Zealand Building Consents m/m data (Actual: 2.1%, Forecast: NA, Previous: 5.1% revised from 4.9%) released earlier today indicated a slowdown in the increase of the number of building permits issued.

Reserve Bank of New Zealand Governor Orr will be speaking tomorrow about the future of monetary policy at 0415 (SGT). During this time, there may be volatility in NZD.

Currently, NZD/USD is testing the resistance zone of 0.72850 and the next support zone is at 0.71000.

Look for buying opportunities of NZD/USD if it breaks the resistance zone of 0.72850.

AUD/USD Outlook (03 March 2021)

Overall, AUD/USD is ranging across. Recently, AUD/USD broke the resistance zone of 0.77900.

During the monetary policy meeting yesterday, the Reserve Bank of Australia held interest rate and monetary policy unchanged.

The Australian GDP q/q data (Actual: 3.1%, Forecast: 2.5%, Previous: 3.4% revised from 3.3%) released earlier today indicated a higher-than-expected increase in economic growth during the fourth quarter of 2020.

The Australian retail sales m/m data (Forecast: 0.6%, Previous: 0.6%) will be released tomorrow at 0830 (SGT).

AUD/USDs next support zone is at 0.77900 and the next resistance zone is at 0.80000.

Look for buying opportunities of AUD/USD.

USD/JPY Outlook (03 March 2021)

Overall, USD/JPY is trending upwards. Recently, USD/JPY bounced down from the key level of 107.

Currently, USD/JPY is moving towards the key level of 107. Its next support zone is at 106.000 and the next resistance zone is at 107.900.

Look for buying opportunities of USD/JPY if it breaks above the key level of 107.

EUR/USD Outlook (03 March 2021)

Overall, EUR/USD is ranging across. Recently, EUR/USD bounced up from the key level of 1.20.

The eurozone CPI flash estimate y/y data released yesterday indicated little change in annual inflation in February.

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

- Core CPI Flash Estimate y/y (Actual: 1.1%, Forecast: 1.1%, Previous: 1.4%)

Currently, EUR/USD is bouncing down from the key level of 1.21. Its next support zone is at 1.19700 and the next resistance zone is at 1.21500.

Look for selling opportunities of EUR/USD.

GBP/USD Outlook (03 March 2021)

Overall, GBP/USD is trending upwards. Recently, GBP/USD broke above the key level of 1.39.

The UK Annual Budget will be released today.

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

Look for short-term selling opportunities of GBP/USD.

USD/CAD Outlook (03 March 2021)

Overall, USD/CAD is trending downwards. Recently, USD/CAD trended into the support zone of 1.26100.

The Canadian GDP m/m data (Actual: 0.1%, Forecast: 0.1%, Previous: 0.8% revised from 0.7%) released yesterday indicated a slowdown in economic growth during last December.

The Canadian building permits m/m data (Forecast: 3.0%, Previous: -4.1%) will be released later at 2130 (SGT).

Currently, USD/CAD is bouncing off the support zone of 1.26100 and the next resistance zone is at 1.28500.

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

GBP/JPY Outlook (03 March 2021)

Overall, GBP/JPY is trending upwards. Recently, GBP/JPY broke above the key level of 149.

The UK Annual Budget will be released today.

GBP/JPYs next support zone is at 147.800 and the next resistance zone is at 149.800.

Look for buying opportunities of GBP/JPY.

EUR/JPY Outlook (03 March 2021)

Overall, EUR/JPY is trending upwards. Recently, EUR/JPY broke above the key level of 129.

The eurozone CPI flash estimate y/y data released yesterday indicated little change in annual inflation in February.

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

- Core CPI Flash Estimate y/y (Actual: 1.1%, Forecast: 1.1%, Previous: 1.4%)

EUR/JPYs next support zone is at 127.150 and the next resistance zone is at 129.500.

Look for buying opportunities of EUR/JPY.