Daily Forex Analysis - 8 April 2021

USD Overview (08 April 2021)

Yesterday, USD strengthened against most major currencies except for CHF.

In the released minutes for the previous monetary policy meeting, the Federal Reserve highlighted that although economic indicators have been showing signs of economic recovery, the U.S. economy is still far from the central banks long-term goals. The Fed also highlighted that short-term rise in inflation is expected.

Fed Chairman Powell will be speaking at a virtual seminar tomorrow at 0000 (SGT).

During this time, there may be volatility in USD.

NZD/USD Outlook (08 April 2021)

Overall, NZD/USD is trending downwards.

The New Zealand Preliminary ANZ Business Confidence data (Actual: -8.4, Forecast: NA, Previous: -4.1 revised from 0.0) released earlier today indicated further pessimism in the 12-month economic outlook from survey respondents.

Currently, NZD/USD is testing to break below the key level of 0.70. Its next support zone is at 0.69500 and the next resistance zone is at 0.71000.

Look for selling opportunities of NZD/USD if it breaks below the key level of 0.70.

AUD/USD Outlook (08 April 2021)

Overall, AUD/USD is trending downwards.

Currently, AUD/USD is testing to break below the key level of 0.76. Its next support zone is at 0.75500 and the next resistance zone is at 0.78000.

Look for selling opportunities of AUD/USD if it breaks below the key level of 0.76.

USD/JPY Outlook (08 April 2021)

Overall, USD/JPY is trending upwards.

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

Look for selling opportunities of USD/JPY.

EUR/USD Outlook (08 April 2021)

Overall, EUR/USD is ranging across. Recently, EUR/USD bounced down from the key level of 1.19.

The European Central Bank will be releasing the minutes for the previous monetary policy meeting later at 1930 (SGT).

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 (08 April 2021)

Overall, GBP/USD is ranging across. Recently, GBP/USD broke the support zone of 1.38000.

The UK final services PMI data (Actual: 56.3, Forecast: 56.8, Previous: 56.8) released yesterday indicated a slight downward revision in the services PMI for March.

The UK Construction PMI data (Forecast: 55.0, Previous: 53.3) will be released later at 1630 (SGT).

Currently, GBP/USD is moving towards the resistance zone of 1.38000 and the next support zone is at 1.36000.

Look for selling opportunities of GBP/USD if it bounces off the resistance zone of 1.38000.

USD/CAD Outlook (08 April 2021)

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

The Canadian Ivey PMI data (Actual: 72.9, Forecast: 62.0, Previous: 60.0) released yesterday indicated a strong increase in the pace of expansion in business activities in March.

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 bounces off the resistance zone of 1.26100.

GBP/JPY Outlook (08 April 2021)

Overall, GBP/JPY is ranging across. Recently, GBP/JPY trended into the support zone of 151.000.

The UK final services PMI data (Actual: 56.3, Forecast: 56.8, Previous: 56.8) released yesterday indicated a slight downward revision in the services PMI for March.

The UK Construction PMI data (Forecast: 55.0, Previous: 53.3) will be released later at 1630 (SGT).

Currently, GBP/JPY is testing the support zone of 151.000 and the next resistance zone is at 153.000.

Look for selling opportunities of GBP/JPY if it breaks the support zone of 151.000.

EUR/JPY Outlook (08 April 2021)

Overall, EUR/JPY is ranging across. Recently, EUR/JPY rejected the resistance zone of 130.500.

The European Central Bank will be releasing the minutes for the previous monetary policy meeting later at 1930 (SGT).

Currently, EUR/JPY is moving towards the key level of 130. Its next support zone is at 128.500 and the next resistance zone is at 130.500.

Look for selling opportunities of EUR/JPY if it breaks below the key level of 130.