Daily Forex Analysis - 20 April 2021

USD Overview (20 April 2021)

Yesterday, USD weakened against most major currencies except CAD.

President Joe Biden met up with a group of lawmakers yesterday to discuss on a compromise on his side on how his massive infrastructure plan can be better tuned to aid the U.S. economy in its recovery.

NZD/USD Outlook (20 April 2021)

Overall, NZD/USD is ranging across.

The New Zealand CPI q/q data (Forecast: 0.8%, Previous: 0.5%) will be released tomorrow at 0645 (SGT).

Currently, NZD/USD is testing to break above the key level of 0.72. Its next support zone is at 0.71000 and the next resistance zone is at 0.72850.

Look for buying opportunities of NZD/USD if it breaks above the key level of 0.72.

AUD/USD Outlook (20 April 2021)

Overall, AUD/USD is ranging across.

In the released meeting minutes earlier today, the Reserve Bank of Australia (RBA) expressed signs of hawkishness, highlighting that economic growth in Australia has recovered close to pre-pandemic levels while employment had returned to pre-pandemic levels faster than anticipated. Furthermore, forward-looking indicators of labour demand such as job vacancies and advertisements remained strong and above pre-pandemic levels. Also, the central bank continues to view negative interest rate as an unlikely scenario. Nonetheless, the RBA still expect unemployment and inflation target to be achieved only in 2024 at the earliest.

The Australian Retail Sales m/m data (Forecast: 1.0%, Previous: -0.8%) will be released tomorrow at 0930 (SGT).

Currently, AUD/USD is moving towards the resistance zone of 0.78000 and the next support zone is at 0.75500.

Look for buying opportunities of AUD/USD if it breaks the resistance zone of 0.78000.

USD/JPY Outlook (20 April 2021)

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

Currently, USD/JPY is moving towards the resistance zone of 108.500 and the next support zone is at 106.000.

Look for selling opportunities of USD/JPY if it bounces off the resistance zone of 108.500.

EUR/USD Outlook (20 April 2021)

Overall, EUR/USD is ranging across. Recently, EUR/USD broke the resistance zone of 1.19700.

EUR/USDs next support zone is at 1.19700 and the next resistance zone is at 1.21500.

Look for buying opportunities of EUR/USD.

GBP/USD Outlook (20 April 2021)

Overall, GBP/USD is ranging across. Recently, GBP/USD broke above the key level of 1.39.

The UK employment data will be released later at 1400 (SGT).

- Average Earnings Index 3m/y (Forecast: 4.7%, Previous: 4.8%)

- Claimant Count Change (Forecast: 24.5K, Previous: 86.6K)

- Unemployment Rate (Forecast: 5.0%, Previous: 5.0%)

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

Look for buying opportunities of GBP/USD if it breaks the resistance zone of 1.40000.

USD/CAD Outlook (20 April 2021)

Overall, USD/CAD is ranging across. Recently, USD/CAD broke above the key level of 1.25.

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

Currently, USD/CAD is testing to break below the key level of 1.25. Its next support zone is at 1.23800 and the next resistance zone is at 1.26100.

Look for buying opportunities of USD/CAD if it bounces up from the key level of 1.25.

GBP/JPY Outlook (20 April 2021)

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

The UK employment data will be released later at 1400 (SGT).

- Average Earnings Index 3m/y (Forecast: 4.7%, Previous: 4.8%)

- Claimant Count Change (Forecast: 24.5K, Previous: 86.6K)

- Unemployment Rate (Forecast: 5.0%, Previous: 5.0%)

GBP/JPYs next support zone is at 151.000 and the next resistance zone is at 153.000.

Look for buying opportunities of GBP/JPY.

EUR/JPY Outlook (20 April 2021)

Overall, EUR/JPY is ranging across. Recently, EUR/JPY bounced up from the key level of 130.

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 rejects the resistance zone of 130.500.