Daily Forex Analysis - 13 April 2021

USD Overview (13 April 2021)

Yesterday, USD weakened against most major currencies except for NZD and CAD.

The CPI m/m data will be released later at 2030 (SGT).

- CPI m/m (Forecast: 0.5%, Previous: 0.4%)

- Core CPI m/m (Forecast: 0.2%, Previous: 0.1%)

NZD/USD Outlook (13 April 2021)

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

The Reserve Bank of New Zealand (RBNZ) will be announcing their monetary policy decision tomorrow at 1000 (SGT). It is expected that the central bank will be holding its monetary policy and interest rate unchanged. Nonetheless, pay attention to the RBNZs view on the recent New Zealand housing bubble and how the central bank will respond to it.

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 (13 April 2021)

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

The Australian Westpac Consumer Sentiment data (Forecast: NA, Previous: 2.6%) will be released tomorrow 0830 (SGT).

Currently, AUD/USD is moving towards 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 (13 April 2021)

Overall, USD/JPY is ranging across.

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 (13 April 2021)

Overall, EUR/USD is ranging across. Recently, EUR/USD has been moving around the key level of 1.19.

The eurozone Retail Sales m/m data (Actual: 3.0%, Forecast: 1.3%, Previous: -5.2% revised from -5.9%) released yesterday indicated a recovery in consumer spending in February.

The eurozone and German ZEW economic sentiment data will be released later at 1700 (SGT).

- Eurozone ZEW Economic Sentiment (Forecast: 77.2, Previous: 74.0)

- German ZEW Economic Sentiment (Forecast: 79.1, Previous: 76.6)

Currently, EUR/USD is testing to break below 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 breaks below the key level of 1.19.

GBP/USD Outlook (13 April 2021)

Overall, GBP/USD is ranging across. Recently, GBP/USD bounced off the resistance zone of 1.38000.

The UK GDP m/m data (Forecast: 0.5%, Previous: -2.9%) will be released later at 1400 (SGT).

GBP/USDs next support zone is at 1.36000 and the next resistance zone is at 1.38000.

Look for selling opportunities of GBP/USD.

USD/CAD Outlook (13 April 2021)

Overall, USD/CAD is trending upwards.

In the released Outlook Survey yesterday, the Bank of Canada highlighted that many companies “consider the impacts of the pandemic on their activities to be behind them”.

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 (13 April 2021)

Overall, GBP/JPY is ranging across.

The UK GDP m/m data (Forecast: 0.5%, Previous: -2.9%) will be released later at 1400 (SGT).

Currently, GBP/JPY is moving towards the resistance zone of 151.000 and the next support zone is at 148.900.

Look for selling opportunities of GBP/JPY if it rejects the resistance zone of 151.000.

EUR/JPY Outlook (13 April 2021)

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

The eurozone Retail Sales m/m data (Actual: 3.0%, Forecast: 1.3%, Previous: -5.2% revised from -5.9%) released yesterday indicated a recovery in consumer spending in February.

The eurozone and German ZEW economic sentiment data will be released later at 1700 (SGT).

- Eurozone ZEW Economic Sentiment (Forecast: 77.2, Previous: 74.0)

- German ZEW Economic Sentiment (Forecast: 79.1, Previous: 76.6)

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

Look for selling opportunities of EUR/JPY if it bounces off the resistance zone of 130.500.