Daily Forex Analysis - 8th June 2021

USD Overview (08 June 2021)

Yesterday, USD weakened against most major currencies except the Canadian dollar.

The Trade Balance data (Forecast: -68.5B, Previous: -74.4B) will be released later at 2030 (GMT+8).

NZD/USD Outlook (08 June 2021)

Overall, NZD/USD is ranging across. Recently, NZD/USD broke above the key level of 0.72.

The New Zealand Preliminary ANZ Business Confidence data (Forecast: NA, Previous: 1.8 revised from 7.0) will be released tomorrow at 0900 (GMT+8).

Currently, NZD/USD is moving towards the key level of 0.72. Its next support zone is at 0.71000 and the next resistance zone is at 0.72850.

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

AUD/USD Outlook (08 June 2021)

Overall, AUD/USD is ranging across.

The Australian NAB Business Confidence data (Forecast: NA, Previous: 26) will be released later at 0930 (GMT+8).

The Australian Westpac Consumer Sentiment data (Forecast: NA, Previous: -4.8%) will be released tomorrow at 0830 (GMT+8).

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 (08 June 2021)

Overall, USD/JPY is trending upwards. Recently, USD/JPY broke below the key level of 110 after the release of the weaker than expected U.S. jobs report.

The Japanese Final GDP q/q data (Actual: -1.0%, Forecast: -1.2%, Previous: -1.3%) released earlier today indicated an upwards revision in the economic growth during the first quarter.

The Japanese Economy Watchers Sentiment data (Forecast: 33.9, Previous: 39.1) will be released later at 1300 (GMT).

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

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

EUR/USD Outlook (08 June 2021)

Overall, EUR/USD is ranging across. Recently, EUR/USD rejected the support zone of 1.21500.

The eurozone and German ZEW economic sentiment data will be released later at 1700 (GMT+8).

- ZEW Economic Sentiment (Forecast: 85.5, Previous: 84.0)

- German ZEW Economic Sentiment (Forecast: 86.0, Previous: 84.4)

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 after it breaks above the key level of 1.22.

GBP/USD Outlook (08 June 2021)

Overall, GBP/USD is ranging across.

Bank of England (BoE) committee member Haldane will be speaking later at 2100 (GMT+8). During this time, there may be volatility in GBP.

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

Look for buying opportunities of GBP/USD after it breaks above the key level of 1.42.

USD/CAD Outlook (08 June 2021)

Overall, USD/CAD is ranging across.

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

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

GBP/JPY Outlook (08 June 2021)

Overall, GBP/JPY is trending upwards.

Bank of England (BoE) committee member Haldane will be speaking later at 2100 (GMT+8). During this time, there may be volatility in GBP.

Currently, GBP/JPY is testing the support zone of 155.000 and the next resistance zone is at 157.000.

Look for buying opportunities of GBP/JPY if it bounces off the support zone of 155.000.

EUR/JPY Outlook (08 June 2021)

Overall, EUR/JPY is trending upwards. Recently, EUR/JPY bounced off the support zone of 132.800.

The eurozone and German ZEW economic sentiment data will be released later at 1700 (GMT+8).

- ZEW Economic Sentiment (Forecast: 85.5, Previous: 84.0)

- German ZEW Economic Sentiment (Forecast: 86.0, Previous: 84.4)

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.