Daily Forex Analysis - 9th June 2021

USD Overview (09 June 2021)

Yesterday, USD strengthened against most major currencies except CHF.

The Trade Balance data (Actual: -68.9B, Forecast: -68.5B, Previous: -75.0B revised from -74.4B) released yesterday indicated a decline in goods and services deficit during April.

NZD/USD Outlook (09 June 2021)

Overall, NZD/USD is ranging across.

The New Zealand Preliminary ANZ Business Confidence data (Actual: -0.4, Forecast: NA, Previous: 1.8 revised from 7.0) released earlier today indicated that the surveyed businesses view on the 12-month economic outlook of New Zealand has turned pessimistic.

Currently, NZD/USD is testing to break below 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 selling opportunities of NZD/USD if it breaks below the key level of 0.72.

AUD/USD Outlook (09 June 2021)

Overall, AUD/USD is ranging across.

The Australian NAB Business Confidence data (Actual: 20, Forecast: NA, Previous: 23 revised from 26) released yesterday indicated a decline in the surveyed businesses rating on the current business conditions.

The Australian Westpac Consumer Sentiment data (Actual: -5.2%, Forecast: NA, Previous: -4.8%) released earlier today indicated a decline in the surveyed respondents rating of the relative level of the economic conditions.

The Australian MI Inflation Expectations data (Forecast: NA, Previous: 3.5%) will be released tomorrow at 0900 (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 (09 June 2021)

Overall, USD/JPY is trending upwards.

The Japanese Economy Watchers Sentiment data (Actual: 38.1, Forecast: 33.9, Previous: 39.1) released yesterday indicated a slight decline in the surveyed respondents rating of the relative level of current economic conditions.

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

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

EUR/USD Outlook (09 June 2021)

Overall, EUR/USD is ranging across.

The eurozone and German ZEW economic sentiment data released yesterday indicated a decline in the level of optimism from the surveyed investors and analysts on the economic outlook of eurozone and Germany.

- ZEW Economic Sentiment (Actual: 81.3, Forecast: 85.5, Previous: 84.0)

- German ZEW Economic Sentiment (Actual: 79.8, Forecast: 86.0, Previous: 84.4)

Currently, EUR/USD is moving towards the support zone of 1.21500 and the next resistance zone is at 1.23200.

Look for buying opportunities of EUR/USD if it bounces up from the support zone of 1.21500.

GBP/USD Outlook (09 June 2021)

Overall, GBP/USD is ranging across.

GBP/USDs next 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 (09 June 2021)

Overall, USD/CAD is ranging across.

The Bank of Canada (BoC) will be announcing their monetary policy decision later at 2200 (GMT+8). It is expected that the central bank will be holding interest rate at 0.25% while making no changes to quantitative easing (QE) since it had just cut back on QE during their previous meeting. Nonetheless, pay attention to the BoCs view on the recent lockdown and whether it is still looking at further QE tapering.

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 (09 June 2021)

Overall, GBP/JPY is trending upwards.

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 (09 June 2021)

Overall, EUR/JPY is trending upwards.

The eurozone and German ZEW economic sentiment data released yesterday indicated a decline in the level of optimism from the surveyed investors and analysts on the economic outlook of eurozone and Germany.

- ZEW Economic Sentiment (Actual: 81.3, Forecast: 85.5, Previous: 84.0)

- German ZEW Economic Sentiment (Actual: 79.8, 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.