Daily Forex Analysis - 27 April 2021

USD Overview (27 April 2021)

Yesterday, USD weakened against most major currencies except EUR, JPY and CHF.

The Conference Board Consumer Confidence data (Forecast: 112.0, Previous: 109.7) will be released later at 2200 (SGT).

NZD/USD Outlook (27 April 2021)

Overall, NZD/USD is trending upwards. Recently, NZD/USD broke above the key level of 0.72.

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 (27 April 2021)

Overall, AUD/USD is trending upwards. Recently, AUD/USD trended into the resistance zone of 0.78000.

The Australian CPI q/q data (Forecast: 0.9%, Previous: 0.9%) will be released tomorrow at 0930 (SGT).

Currently, AUD/USD is testing 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 (27 April 2021)

Overall, USD/JPY is trending downwards. Recently, USD/JPY broke above the key level of 108.

Earlier today, the Bank of Japan (BoJ) held its monetary policy unchanged. In its outlook report, the central bank revised its growth forecast upwards and revised its inflation forecast downwards for this year.

The Japanese Retail Sales y/y data (Forecast: 4.6%, Previous: -1.5%) will be released tomorrow at 0750 (SGT).

Currently, USD/JPY is testing the resistance zone of 108.500. Its next support zone is at 106.000.

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

EUR/USD Outlook (27 April 2021)

Overall, EUR/USD is trending upwards. Recently, EUR/USD bounced down from the key level of 1.21.

The German ifo Business Climate data (Actual: 96.8, Forecast: 97.8, Previous: 96.6) released yesterday indicated a lower-than-expected increase in business morale for the month of April amid a third wave of the COVID-19 pandemic.

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

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

GBP/USD Outlook (27 April 2021)

Overall, GBP/USD is ranging across. Recently, GBP/USD bounced down from the key level of 1.39.

GBP/USD next support zone is at 1.38000 and the next resistance zone is at 1.40000.

Look for selling opportunities of GBP/USD.

USD/CAD Outlook (27 April 2021)

Overall, USD/CAD is trending downwards. Recently, USD/CAD trended into the support zone of 1.23800.

Bank of Canada Governor Tiff Macklem will be testifying before the House of Commons Standing Committee on Finance tomorrow at 0400 (SGT). During this time, volatility is expected in CAD.

Currently, USD/CAD is testing the next support zone of 1.23800 and the next resistance zone is at 1.26100.

Look for selling opportunities of USD/CAD if it breaks the support zone of 1.23800.

GBP/JPY Outlook (27 April 2021)

Overall, GBP/JPY is trending downwards. Recently, GBP/JPY broke above the key level of 150.

Earlier today, the Bank of Japan (BoJ) held its monetary policy unchanged. In its outlook report, the central bank revised its growth forecast upwards and revised its inflation forecast downwards for this year.

The Japanese Retail Sales y/y data (Forecast: 4.6%, Previous: -1.5%) will be released tomorrow at 0750 (SGT).

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 (27 April 2021)

Overall, EUR/JPY is ranging across. Recently, EUR/JPY trended into the resistance zone of 130.800.

The German ifo Business Climate data (Actual: 96.8, Forecast: 97.8, Previous: 96.6) released yesterday indicated a lower-than-expected increase in business morale for the month of April amid a third wave of the COVID-19 pandemic.

Earlier today, the Bank of Japan (BoJ) held its monetary policy unchanged. In its outlook report, the central bank revised its growth forecast upwards and revised its inflation forecast downwards for this year.

The Japanese Retail Sales y/y data (Forecast: 4.6%, Previous: -1.5%) will be released tomorrow at 0750 (SGT).

Currently, EUR/JPY is testing the resistance zone of 130.800 next the next support zone is at 128.500.

Look for selling opportunities of EUR/JPY if it bounces off the resistance zone of 130.800.