Daily Forex Analysis - 12 April 2021

USD Overview (12 April 2021)

Last Friday, USD strengthened against most major currencies except for CAD.

In an interview carried out earlier today, Federal Reserve Jerome Powell said that the U.S. economic growth and its job market are expected to pick up speed in the near future, stating that the economy is at an “inflection point”. However, Powell also warned that hasty reopening may lead to an increase in COVID-19 cases.

NZD/USD Outlook (12 April 2021)

Overall, NZD/USD is trending downwards. Recently, NZD/USD has been ranging across.

NZD/USDs next support zone is at 0.69500 and the next resistance zone is at 0.71000.

Look for selling opportunities of NZD/USD.

AUD/USD Outlook (12 April 2021)

Overall, AUD/USD is trending downwards. Recently, AUD/USD has been ranging across.

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 (12 April 2021)

Overall, USD/JPY is ranging across. Recently, USD/JPY bounced down from the key level of 110.

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 (12 April 2021)

Overall, EUR/USD is ranging across. Recently, EUR/USD broke below the key level of 1.19.

The eurozone Retail Sales m/m data (Forecast: 1.3%, Previous: -5.9%) will be released later 1700 (SGT).

Currently, EUR/USD is testing to break above the key level of 1.19. Its next support zone is at 1.17900 and the next resistance zone is at 1.19700.

Look for selling opportunities of EUR/USD if it bounces down from the key level of 1.19.

GBP/USD Outlook (12 April 2021)

Overall, GBP/USD is ranging across. Recently, GBP/USD bounces up from the key level of 1.37.

Currently, GBP/USD is testing to break below the key level of 1.37. Its next support zone is at 1.36000 and the next resistance zone is at 1.38000.

Look for selling opportunities of GBP/USD if it breaks below the key level of 1.37.

USD/CAD Outlook (12 April 2021)

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

The Canadian employment data released last Friday indicated a stronger than expected increase in employment while unemployment rate fell more than expected. Employment is now within 1.5% of its pre-COVID level in February.

- Employment Change (Actual: 303.1K, Forecast: 101.5K, Previous: 259.2K)

- Unemployment Rate (Actual: 7.5%, Forecast: 8.0%, Previous: 8.2%)

The Bank of Canada Business Outlook Survey will be released later at 2230 (SGT).

USD/CADs next support zone is at 1.23800 and the next resistance zone is at 1.26100.

Look for selling opportunities of USD/CAD.

GBP/JPY Outlook (12 April 2021)

Overall, GBP/JPY is ranging across. Recently, GBP/JPY rejected the resistance zone of 151.000.

Currently, GBP/JPY is testing to break below the key level of 150. Its next support zone is at 148.900 and the next resistance zone is at 151.000.

Look for selling opportunities of GBP/JPY if it breaks below the key level of 150.

EUR/JPY Outlook (12 April 2021)

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

The eurozone Retail Sales m/m data (Forecast: 1.3%, Previous: -5.9%) will be released later 1700 (SGT).

Currently, EUR/JPY is bouncing off the resistance zone of 130.500 and the next support zone is at 128.500.

Look for selling opportunities of EUR/JPY.