Daily Forex Analysis - 24 March 2021

USD Overview (24 March 2021)

Yesterday, USD strengthened against most major currencies except JPY.

The flash PMI data will be released later at 2145 (SGT).

- Flash Manufacturing PMI (Forecast: 59.6, Previous: 58.6 revised from 58.5)

- Flash Services PMI (Forecast: 60.1, Previous: 59.8 revised from 58.9)

Federal Reserve Chairman Jerome Powell will be testifying later at 2200 (SGT).

During this time, volatility in USD is expected.

The New Home Sales data (Actual: 775K, Forecast: 872K, Previous: 923K) released yesterday indicated a slowdown in the increase in the number of new houses sold.

NZD/USD Outlook (24 March 2021)

Overall, NZD/USD is trending downwards. Recently, NZD/USD broke the support zone of 0.71000.

NZD/USDs next support zone is at 0.67900 and the next resistance zone is at 0.71000.

Look for selling opportunities of NZD/USD.

AUD/USD Outlook (24 March 2021)

Overall, AUD/USD is ranging across. Recently, AUD/USD broke below the key level of 0.77.

The Australian flash PMI data released earlier today indicated continued expansion of business activities in both the manufacturing and services sector in March.

- Flash Manufacturing PMI (Actual: 57.0, Forecast: NA, Previous: 56.9 revised from 56.6)

- Flash Services PMI (Actual: 56.2, Forecast: NA, Previous: 53.4 revised from 54.1)

Currently, AUD/USD is testing the support zone of 0.76000 and the next resistance zone is at 0.78000.

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

USD/JPY Outlook (24 March 2021)

Overall, USD/JPY is trending upwards.

The Japanese flash manufacturing PMI data (Actual: 52.0, Forecast: 51.3, Previous: 51.4 revised from 50.6) released earlier today indicated continued expansion in the manufacturing sector in March.

Bank of Japan Governor Kuroda will be speaking tomorrow at a tentative timing. During his speech, there may be volatility in JPY.

USD/JPYs next support zone is at 106.000 and the next resistance zone is at 109.000.

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

EUR/USD Outlook (24 March 2021)

Overall, EUR/USD is trending downwards. Recently, EUR/USD broke below the key level of 1.19.

The French flash PMI data will be released later at 1615 (SGT).

- French Flash Service PMI (Forecast: 45.5, Previous: 45.6 revised from 43.6)

- French Flash Manufacturing PMI (Forecast: 56.4, Previous: 56.1 revised from 55.0)

The German Flash PMI data will be released later at 1630 (SGT).

- German Flash Services PMI (Forecast: 46.4, Previous: 45.7 revised from 45.9)

- German Flash Manufacturing PMI (Forecast: 60.4, Previous: 60.7 revised from 60.6)

The eurozone flash PMI data will be released later at 1700 (SGT).

- Flash Manufacturing PMI (Forecast: 57.5, Previous: 57.9 revised from 57.7)

- Flash Services PMI (Forecast: 46.1, Previous: 45.7 revised from 44.7)

European Central Bank President Lagarde will be speaking later at 2340 (SGT).

During this time, there may be volatility in EUR.

EUR/USDs next support zone is at 1.17900 and the next resistance zone is at 1.19700.

Look for selling opportunities of EUR/USD.

GBP/USD Outlook (24 March 2021)

Overall, GBP/USD is trending downwards. Recently, GBP/USD broke the support zone of 1.37800.

The UK employment data released yesterday indicated an increase in the number of claimants for unemployment benefits while average earnings increased slightly. Unemployment rate also declined slightly.

- Average Earnings Index 3m/y (Actual: 4.8%, Forecast: 4.9%, Previous: 4.7%)

- Claimant Count Change (Actual: 86.6K, Forecast: 9.0K, Previous: -20.8K revised from -20.0K)

- Unemployment Rate (Actual: 5.0%, Forecast: 5.2%, Previous: 5.1%)

The UK flash PMI data will be released later at 1730 (SGT).

- Flash Manufacturing PMI (Forecast: 55.0, Previous: 55.1 revised from 54.9)

- Flash Services PMI (Forecast: 51.1, Previous: 49.5 revised from 49.7)

GBP/USDs next support zone is at 1.34800 and the next resistance zone is at 1.37800.

Look for selling opportunities of GBP/USD.

USD/CAD Outlook (24 March 2021)

Overall, USD/CAD is ranging across. Recently, USD/CAD trended into the resistance zone of 1.26100.

Currently, USD/CAD is testing the resistance zone of 1.26100 and next support zone is at 1.23800.

Look for buying opportunities of USD/CAD if it breaks the resistance zone of 1.26100.

GBP/JPY Outlook (24 March 2021)

Overall, GBP/JPY is ranging across. Recently, GBP/JPY broke the support zone of 149.800.

The UK employment data released yesterday indicated an increase in the number of claimants for unemployment benefits while average earnings increased slightly. Unemployment rate also declined slightly.

- Average Earnings Index 3m/y (Actual: 4.8%, Forecast: 4.9%, Previous: 4.7%)

- Claimant Count Change (Actual: 86.6K, Forecast: 9.0K, Previous: -20.8K revised from -20.0K)

- Unemployment Rate (Actual: 5.0%, Forecast: 5.2%, Previous: 5.1%)

The Japanese flash manufacturing PMI data (Actual: 52.0, Forecast: 51.3, Previous: 51.4 revised from 50.6) released earlier today indicated continued expansion in the manufacturing sector in March.

The UK flash PMI data will be released later at 1730 (SGT).

- Flash Manufacturing PMI (Forecast: 55.0, Previous: 55.1 revised from 54.9)

- Flash Services PMI (Forecast: 51.1, Previous: 49.5 revised from 49.7)

Bank of Japan Governor Kuroda will be speaking tomorrow at a tentative timing. During his speech, there may be volatility in JPY.

Currently, GBP/JPY is testing to break below the key level of 149. Its next support zone is at 147.800 and the next resistance zone is at 149.800.

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

EUR/JPY Outlook (24 March 2021)

Overall, EUR/JPY is trending upwards. Recently, EUR/JPY rejected the resistance zone of 129.500.

The Japanese flash manufacturing PMI data (Actual: 52.0, Forecast: 51.3, Previous: 51.4 revised from 50.6) released earlier today indicated continued expansion in the manufacturing sector in March.

Bank of Japan Governor Kuroda will be speaking tomorrow at a tentative timing. During his speech, there may be volatility in JPY.

The French flash PMI data will be released later at 1615 (SGT).

- French Flash Service PMI (Forecast: 45.5, Previous: 45.6 revised from 43.6)

- French Flash Manufacturing PMI (Forecast: 56.4, Previous: 56.1 revised from 55.0)

The German Flash PMI data will be released later at 1630 (SGT).

- German Flash Services PMI (Forecast: 46.4, Previous: 45.7 revised from 45.9)

- German Flash Manufacturing PMI (Forecast: 60.4, Previous: 60.7 revised from 60.6)

The eurozone flash PMI data will be released later at 1700 (SGT).

- Flash Manufacturing PMI (Forecast: 57.5, Previous: 57.9 revised from 57.7)

- Flash Services PMI (Forecast: 46.1, Previous: 45.7 revised from 44.7)

European Central Bank President Lagarde will be speaking later at 2340 (SGT).

During this time, there may be volatility in EUR.

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

Look for selling opportunities of EUR/JPY.