Daily Forex Analysis - 26 April 2021

USD Overview (26 April 2021)

Last Friday, USD weakened against all major currencies.

The flash PMI data released last Friday indicated that business activities expanded at fastest pace since data collection started in October 2009.

- Flash Services PMI (Actual: 63.1, Forecast: 61.6, Previous: 60.4 revised from 60.0)

- Flash Manufacturing PMI (Actual: 60.6, Forecast: 60.9, Previous: 59.1 revised from 59.0)

The New Home Sales data (Actual: 1021K, Forecast: 885K, Previous: 846K revised from 775K) released last Friday indicated the highest level of new home sales in more than a decade.

NZD/USD Outlook (26 April 2021)

Overall, NZD/USD is trending upwards. Recently, NZD/USD trended into the key level of 0.72.

New Zealand banks will be closed today in observance of Anzac Day. Expect lower trading volume and volatility during the usual New Zealand market session.

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

Look for short-term selling opportunities of NZD/USD.

AUD/USD Outlook (26 April 2021)

Overall, AUD/USD is trending upwards.

Australian banks will be closed today in observance of Anzac Day. Expect lower trading volume and volatility during the usual Australian market session.

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 (26 April 2021)

Overall, USD/JPY is ranging across. Recently, USD/JPY broke below the key level of 108.

The Bank of Japan (BoJ) will be announcing their monetary policy decision tomorrow at a tentative timing. It is expected that the central bank will be holding interest rate unchanged at -0.10%. With the recent spike in COVID-19 cases in Japan, pay attention to whether the BoJ is considering to carry out further monetary policy easing to cushion the Japanese economy from the negative impact.

The central bank will also be holding a press conference after the announcement at a tentative timing. During this time, there may be volatility in JPY.

USD/JPYs next support zone is at 106.000 and the next resistance zone is at 108.500.

Look for selling opportunities of USD/JPY.

EUR/USD Outlook (26 April 2021)

Overall, EUR/USD is trending upwards. Recently, EUR/USD trended into the key level of 1.21.

The series of eurozone flash PMI data released last week was overall very positive. The services sector in France and the eurozone in general recovered into the expansionary level. The eurozone manufacturing sector continues to expand at a faster pace.

- French Flash Service PMI (Actual: 50.4, Forecast: 46.6, Previous: 48.2 revised from 47.8)

- French Flash Manufacturing PMI (Actual: 59.1, Forecast: 59.0, Previous: 59.3 revised from 58.8)

- German Flash Services PMI (Actual: 50.1, Forecast: 51.1, Previous: 51.5 revised from 50.8)

- German Flash Manufacturing PMI (Actual: 66.4, Forecast: 65.8, Previous: 66.6)

- Flash Manufacturing PMI (Actual: 63.3, Forecast: 62.0, Previous: 62.5 revised from 62.4)

- Flash Services PMI (Actual: 50.3, Forecast: 49.1, Previous: 49.6 revised from 48.8)

The German ifo Business Climate data (Forecast: 97.8, Previous: 96.6) will be released later at 1600 (SGT).

Currently, EUR/USD is moving towards the resistance zone of 1.21500 and the next support zone is at 1.19700.

Look for buying opportunities of EUR/USD if it breaks the resistance zone of 1.21500.

GBP/USD Outlook (26 April 2021)

Overall, GBP/USD is ranging across.

The UK Retail Sales m/m data (Actual: 5.4%, Forecast: 1.5%, Previous: 2.2% revised from 2.1%) released last Friday indicated that consumer spending continues to increase at a faster pace in March.

The UK flash PMI data released last Friday indicated that business activities continue to expand at a faster pace.

- Flash Manufacturing PMI (Actual: 60.7, Forecast: 59.0, Previous: 58.9 revised from 57.9)

- Flash Services PMI (Actual: 60.1, Forecast: 58.9, Previous: 56.3 revised from 56.8)

Currently, GBP/USD is testing to break above the key level of 1.39. Its next support zone is at 1.38000 and the next resistance zone is at 1.40000.

Look for buying opportunities of GBP/USD if it breaks above the key level of 1.39.

USD/CAD Outlook (26 April 2021)

Overall, USD/CAD is trending downwards.

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 (26 April 2021)

Overall, GBP/JPY is ranging across. Recently, GBP/JPY bounced off the support zone of 148.900.

The UK Retail Sales m/m data (Actual: 5.4%, Forecast: 1.5%, Previous: 2.2% revised from 2.1%) released last Friday indicated that consumer spending continues to increase at a faster pace in March.

The UK flash PMI data released last Friday indicated that business activities continue to expand at a faster pace.

- Flash Manufacturing PMI (Actual: 60.7, Forecast: 59.0, Previous: 58.9 revised from 57.9)

- Flash Services PMI (Actual: 60.1, Forecast: 58.9, Previous: 56.3 revised from 56.8)

The Bank of Japan (BoJ) will be announcing their monetary policy decision tomorrow at a tentative timing. It is expected that the central bank will be holding interest rate unchanged at -0.10%. With the recent spike in COVID-19 cases in Japan, pay attention to whether the BoJ is considering to carry out further monetary policy easing to cushion the Japanese economy from the negative impact.

The central bank will also be holding a press conference after the announcement at a tentative timing. During this time, there may be volatility in JPY.

GBP/JPYs next support zone is at 148.900 and the next resistance zone is at 151.000.

Look for selling opportunities of GBP/JPY.

EUR/JPY Outlook (26 April 2021)

Overall, EUR/JPY is ranging across. Recently, EUR/JPY broke above the key level of 130.

The series of eurozone flash PMI data released last week was overall very positive. The services sector in France and the eurozone in general recovered into the expansionary level. The eurozone manufacturing sector continues to expand at a faster pace.

- French Flash Service PMI (Actual: 50.4, Forecast: 46.6, Previous: 48.2 revised from 47.8)

- French Flash Manufacturing PMI (Actual: 59.1, Forecast: 59.0, Previous: 59.3 revised from 58.8)

- German Flash Services PMI (Actual: 50.1, Forecast: 51.1, Previous: 51.5 revised from 50.8)

- German Flash Manufacturing PMI (Actual: 66.4, Forecast: 65.8, Previous: 66.6)

- Flash Manufacturing PMI (Actual: 63.3, Forecast: 62.0, Previous: 62.5 revised from 62.4)

- Flash Services PMI (Actual: 50.3, Forecast: 49.1, Previous: 49.6 revised from 48.8)

The German ifo Business Climate data (Forecast: 97.8, Previous: 96.6) will be released later at 1600 (SGT).

The Bank of Japan (BoJ) will be announcing their monetary policy decision tomorrow at a tentative timing. It is expected that the central bank will be holding interest rate unchanged at -0.10%. With the recent spike in COVID-19 cases in Japan, pay attention to whether the BoJ is considering to carry out further monetary policy easing to cushion the Japanese economy from the negative impact.

The central bank will also be holding a press conference after the announcement at a tentative timing. During this time, there may be volatility in JPY.

EUR/JPYs next support zone is at 128.500 and the next resistance zone is at 130.800.

Look for selling opportunities of EUR/JPY.