Daily Forex Analysis - 27th May 2021

USD Overview (27 May 2021)

Yesterday, USD strengthened against most major currencies except NZD.

The Preliminary GDP q/q data (Forecast: 6.5%, Previous: 6.4%) will be released later at 2030 (SGT).

Also, the Unemployment Claims data (Forecast: 427K, Previous: 444K) will be released at the same time.

NZD/USD Outlook (27 May 2021)

Overall, NZD/USD is ranging across. Recently, NZD/USD trended into the resistance zone of 0.72850.

The Reserve Bank of New Zealand (RBNZ) held its monetary policy unchanged yesterday during its meeting. However, due to its optimism in the current COVID situation and how the New Zealand economy has been performing, the central bank is now forecasting a hike in interest rate in September 2022, way earlier than the other central banks.

Currently, NZD/USD is testing the resistance zone of 0.72850 and the next support zone is at 0.71000.

With the hawkish statement from the RBNZ, look for buying opportunities of NZD/USD if it breaks the resistance zone of 0.72850.

AUD/USD Outlook (27 May 2021)

Overall, AUD/USD is ranging across. Recently, AUD/USD bounced off the resistance zone of 0.78000.

AUD/USDs next support zone is at 0.75500 and the next resistance zone is at 0.78000.

Look for selling opportunities of AUD/USD.

USD/JPY Outlook (27 May 2021)

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

The Japanese Unemployment Rate data (Forecast: 2.7%, Previous: 2.6%) will be released tomorrow at 0730 (SGT).

USD/JPYs next support zone is at 108.500 and the next resistance zone is at 110.800.

Look for buying opportunities of USD/JPY.

EUR/USD Outlook (27 May 2021)

Overall, EUR/USD is trending upwards.

Currently, EUR/USD is testing to break below the key level of 1.22. Its next support zone is at 1.21500 and the next resistance zone is at 1.23200.

Look for buying opportunities of EUR/USD if it bounces up from the key level of 1.22.

GBP/USD Outlook (27 May 2021)

Overall, GBP/USD is trending upwards.

Bank of England committee member Vlieghe will be speaking later at 1900 (SGT). During this time, there may be volatility in GBP.

Currently, GBP/USD is moving towards the key level of 1.41. Its next support zone is at 1.40000 and the next resistance zone is at 1.43500.

Look for short-term selling opportunities of GBP/USD if it breaks below the key level of 1.41.

USD/CAD Outlook (27 May 2021)

Overall, USD/CAD is trending downwards. Recently, USD/CAD trended into the resistance zone of 1.21000.

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

Look for short-term buying opportunities of USD/CAD if it breaks the resistance zone of 1.21000.

GBP/JPY Outlook (27 May 2021)

Overall, GBP/JPY is trending upwards.

Bank of England committee member Vlieghe will be speaking later at 1900 (SGT). During this time, there may be volatility in GBP.

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 (27 May 2021)

Overall, EUR/JPY is trending upwards.

Currently, EUR/JPY is moving towards 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.