Daily Forex Analysis - 26th May 2021

USD Overview (26 May 2021)

Yesterday, USD weakened against most major currencies except GBP and CAD.

The Conference Board Consumer Confidence data (Actual: 117.2, Forecast: 119.4, Previous: 121.7) released yesterday indicated a slight decline in the respondents view on the current and future U.S. economic conditions.

Also, the New Home Sales data (Actual: 863K, Forecast: 950K, Previous: 1021K) released indicated a decline in the number of new single-family homes sold.

NZD/USD Outlook (26 May 2021)

Overall, NZD/USD is ranging across.

The Reserve Bank of New Zealand (RBNZ) will be announcing their monetary policy decision later at 1000 (SGT). The central bank is expected to keep its monetary policy unchanged. Nonetheless, pay attention to whether the RBNZ is considering on cutting back on quantitative easing and their views on the New Zealand economy.

A press conference will be held at 1100 (SGT). During this time, there may be volatility in NZD.

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

If the RBNZ mentions about potential cutting back of quantitative easing, look for buying opportunities of NZD/USD.

AUD/USD Outlook (26 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 (26 May 2021)

Overall, USD/JPY is trending upwards. Recently, USD/JPY bounced off the support zone of 108.500.

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 (26 May 2021)

Overall, EUR/USD is trending upwards.

The German ifo Business Climate data (Actual: 99.2, Forecast: 98.2, Previous: 96.8) released yesterday indicated that respondents of the survey are more optimistic on Germanys business conditions.

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 (26 May 2021)

Overall, GBP/USD is trending upwards. Recently, GBP/USD bounced down from the key level of 1.42.

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 (26 May 2021)

Overall, USD/CAD is trending downwards.

Currently, USD/CAD is moving towards the resistance zone of 1.21000 and the next support zone is at 1.19000.

Look for selling opportunities of USD/CAD if it bounces off the resistance zone of 1.21000.

GBP/JPY Outlook (26 May 2021)

Overall, GBP/JPY is trending upwards.

Currently, GBP/JPY is testing to break below the key level of 154. Its next support zone is at 153.000 and the next resistance zone is at 155.000.

Look for short-term selling opportunities of GBP/JPY if it breaks below the key level of 154.

EUR/JPY Outlook (26 May 2021)

Overall, EUR/JPY is trending upwards. Recently, EUR/JPY broke above the key level of 133.

The German ifo Business Climate data (Actual: 99.2, Forecast: 98.2, Previous: 96.8) released yesterday indicated that respondents of the survey are more optimistic on Germanys business conditions.

EUR/JPYs next support zone is at 132.800 and the next resistance zone is at 134.300.

Look for buying opportunities of EUR/JPY.