Daily Forex Analysis - 29 March 2021

USD Overview (29 March 2021)

Yesterday, USD weakened against most major currencies except JPY.

The Revised UoM Consumer Sentiment data (Actual: 84.9, Forecast: 83.6, Previous: 83.0) released last Friday indicated an upwards revision in the confidence level of consumers on the U.S. economic conditions in February.

NZD/USD Outlook (29 March 2021)

Overall, NZD/USD is trending downwards. Recently, NZD/USD trended into the key level of 0.70.

The New Zealand Building Consents m/m data (Forecast: NA, Previous: 2.1%) will be released tomorrow at 0545 (SGT).

Currently, NZD/USD is testing to break above the key level of 0.70. Its next support zone is at 0.67900 and the next resistance zone is at 0.71000.

Look for selling opportunities of NZD/USD if it bounces down from the key level of 0.70.

AUD/USD Outlook (29 March 2021)

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

Last Friday, it was reported that China will be imposing anti-dumping tariffs of between 116.2% and 218.4% on Australian imported wine products with effect from 28 March. This resulted from China claiming that Australian wine has been selling under market value.

AUD/USDs support zone is at 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 (29 March 2021)

Overall, USD/JPY is trending upwards.

The Japanese Unemployment Rate data (Forecast: 3.0%, Previous: 2.9%) will be released tomorrow at 0730 (SGT).

Also, the Japanese Retail Sales y/y data (Forecast: -2.7%, Previous: -2.4%) will be released tomorrow at 0750 (SGT).

USD/JPYs next support zone is at 108.500 and the next resistance zone is at 110.200.

Look for buying opportunities of USD/JPY.

EUR/USD Outlook (29 March 2021)

Overall, EUR/USD is trending downwards.

Currently, EUR/USD is testing the support zone of 1.17900 and the next resistance zone is at 1.19700.

Look for selling opportunities of EUR/USD if it breaks the support zone of 1.17900.

GBP/USD Outlook (29 March 2021)

Overall, GBP/USD is trending downwards.

The UK retail sales m/m data (Actual: 2.1%, Forecast: 2.2%, Previous: -8.2%) released last Friday indicated partial recovery of consumer spending in February from the 8.2% decline in January.

Currently, GBP/USD is testing the resistance zone of 1.37800 and the next support zone is at 1.34800.

Look for selling opportunities of GBP/USD if it rejects the resistance zone of 1.37800.

USD/CAD Outlook (29 March 2021)

Overall, USD/CAD is ranging across.

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

Look for selling opportunities of USD/CAD if it rejects the resistance zone of 1.26100.

GBP/JPY Outlook (29 March 2021)

Overall, GBP/JPY is ranging across.

The UK retail sales m/m data (Actual: 2.1%, Forecast: 2.2%, Previous: -8.2%) released last Friday indicated partial recovery of consumer spending in February from the 8.2% decline in January.

The Japanese Unemployment Rate data (Forecast: 3.0%, Previous: 2.9%) will be released tomorrow at 0730 (SGT).

Also, the Japanese Retail Sales y/y data (Forecast: -2.7%, Previous: -2.4%) will be released tomorrow at 0750 (SGT).

Currently, GBP/JPY is bouncing down from the key level of 151. Its next support zone is at 149.800 and the next resistance zone is at 152.600.

Look for selling opportunities of GBP/JPY.

EUR/JPY Outlook (29 March 2021)

Overall, EUR/JPY is ranging across. Recently, EUR/JPY bounced off the resistance zone of 129.500.

The Japanese Unemployment Rate data (Forecast: 3.0%, Previous: 2.9%) will be released tomorrow at 0730 (SGT).

Also, the Japanese Retail Sales y/y data (Forecast: -2.7%, Previous: -2.4%) will be released tomorrow at 0750 (SGT).

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

Look for selling opportunities of EUR/JPY if it breaks below the key level of 129.