Daily Forex Analysis - 25th May 2021

USD Overview (25 May 2021)

Yesterday, USD weakened against most major currencies except GBP.

FOMC committee member Evans will be speaking later at 1940 (SGT). Also, committee member Quarles will be testifying on the Federal Reserves supervision and regulation of the financial system before the Senate Banking Committee later at 2200 (SGT). During these times, there may be volatility in USD.

The Conference Board Consumer Confidence data (Forecast: 119.4, Previous: 121.7) will be released later at 2200 (SGT).

Also at the same time, the New Home Sales data (Forecast: 950K, Previous: 1021K) will be released.

NZD/USD Outlook (25 May 2021)

Overall, NZD/USD is ranging across. 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 (25 May 2021)

Overall, AUD/USD is ranging across.

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 (25 May 2021)

Overall, USD/JPY is trending upwards. Recently, USD/JPY failed to break above the key level of 109.

Currently, USD/JPY is moving towards the key level of 109. Its next support zone is at 108.500 and the next resistance zone is at 110.800.

Look for buying opportunities of USD/JPY if it breaks above the key level of 109.

EUR/USD Outlook (25 May 2021)

Overall, EUR/USD is trending upwards. Recently, EUR/USD broke above the key level of 1.22.

The eurozone German ifo Business Climate data (Forecast: 98.2, Previous: 96.8) will be released later at 1600 (SGT).

EUR/USDs next support zone is at 1.21500 and the next resistance zone is at 1.23200.

Look for buying opportunities of EUR/USD.

GBP/USD Outlook (25 May 2021)

Overall, GBP/USD is trending upwards.

The Bank of England (BoE) committee member Tenreyro will be speaking tomorrow at 0000 (SGT). During this time, there may be volatility in GBP.

While testifying yesterday, Bank of England Governor Bailey highlighted that the recent influences in inflation are temporary and that the committee members are not looking to use negative interest rates.

GBP/USDs support zone is at 1.40000 and the next resistance zone is at 1.43500.

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

USD/CAD Outlook (25 May 2021)

Overall, USD/CAD is trending downwards.

USD/CADs next support zone is at 1.19000 and the next resistance zone is at 1.21000.

Look for selling opportunities of USD/CAD.

GBP/JPY Outlook (25 May 2021)

Overall, GBP/JPY is trending upwards.

The Bank of England (BoE) committee member Tenreyro will be speaking tomorrow at 0000 (SGT). During this time, there may be volatility in GBP.

GBP/JPYs next support zone is at 153.000 and the next resistance zone is at 155.000.

Look for buying opportunities of GBP/JPY.

EUR/JPY Outlook (25 May 2021)

Overall, EUR/JPY is trending upwards.

The eurozone German ifo Business Climate data (Forecast: 98.2, Previous: 96.8) will be released later at 1600 (SGT).

Currently, EUR/JPY is testing the support zone of 132.800 and the next resistance zone is at 134.300.

Look for buying opportunities of EUR/JPY if it bounces off the support zone of 132.800.