Daily Forex Analysis - 19 April 2021

USD Overview (19 April 2021)

Last Friday, USD weakened against most major currencies except AUD, NZD and JPY.

The housing data released last Friday indicated an increase in the number of buildings being approved for construction and the number of houses that started construction in March.

- Building Permits (Actual: 1.77M, Forecast: 1.75M, Previous: 1.72M revised from 1.68M)

- Housing Starts (Actual: 1.74M, Forecast: 1.60M, Previous: 1.46M revised from 1.42M)

The preliminary UoM Consumer Sentiment data (Actual: 86.5, Forecast: 88.9, Previous: 84.9 revised from 83.0) released last Friday indicated a modest increase in consumers view on the U.S. economic conditions.

In the currency report released last Friday, the U.S. Department of the Treasury concluded that there is insufficient evidence to label Switzerland and Vietnam as currency manipulators.

NZD/USD Outlook (19 April 2021)

Overall, NZD/USD is ranging across.

NZD/USDs next support zone is at 0.71000 and the next resistance zone is at 0.72850.

Look for buying opportunities of NZD/USD.

AUD/USD Outlook (19 April 2021)

Overall, AUD/USD is ranging across.

The Reserve Bank of Australia will be releasing its minutes for the recent monetary policy meeting tomorrow at 0930 (SGT).

AUD/USDs next support zone is at 0.75500 and the next resistance zone is at 0.78000.

Look for short-term buying opportunities of AUD/USD.

USD/JPY Outlook (19 April 2021)

Overall, USD/JPY is ranging across. Recently, USD/JPY trended into the support zone of 108.500.

Currently, USD/JPY is testing the support zone of 108.500 and the next resistance zone is at 110.800.

Look for selling opportunities of USD/JPY if it breaks the support zone of 108.500.

EUR/USD Outlook (19 April 2021)

Overall, EUR/USD is ranging across.

The eurozone final CPI y/y data released last Friday indicated no change in the finalized inflation data for March.

- Final CPI y/y (Actual: 1.3%, Forecast: 1.3%, Previous: 1.3%)

- Final Core CPI y/y (Actual: 0.9%, Forecast: 0.9%, Previous: 0.9%)

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

Look for selling opportunities of EUR/USD.

GBP/USD Outlook (19 April 2021)

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

Currently, GBP/USD is testing the support zone of 1.38000 and the next resistance zone is at 1.40000.

Look for buying opportunities of GBP/USD if it bounces off the support zone of 1.38000.

USD/CAD Outlook (19 April 2021)

Overall, USD/CAD is trending upwards. Recently, USD/CAD bounced up from the key level of 1.25.

The Canadian Housing Starts data (Forecast: 254K, Previous: 246K) will be released later at 2015 (SGT).

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

Look for short-term buying opportunities of USD/CAD.

GBP/JPY Outlook (19 April 2021)

Overall, GBP/JPY is ranging across. Recently, GBP/JPY broke above the key level of 150.

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 buying opportunities of GBP/JPY if it bounces up from the key level of 150.

EUR/JPY Outlook (19 April 2021)

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

The eurozone final CPI y/y data released last Friday indicated no change in the finalized inflation data for March.

- Final CPI y/y (Actual: 1.3%, Forecast: 1.3%, Previous: 1.3%)

- Final Core CPI y/y (Actual: 0.9%, Forecast: 0.9%, Previous: 0.9%)

Currently, EUR/JPY is testing to break below 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.