Daily Forex Analysis - 11th June 2021

USD Overview (11 June 2021)

Yesterday, USD weakened against most major currencies except EUR.

The CPI m/m data released yesterday indicated that inflation in May rose to the fastest pace since August 2008.

- CPI m/m (Actual: 0.6%, Forecast: 0.4%, Previous: 0.8%)

- Core CPI m/m (Actual: 0.7%, Forecast: 0.5%, Previous: 0.9%)

The Preliminary UoM Consumer Sentiment data (Forecast: 84.1, Previous: 82.9 revised from 82.8) will be released later at 2200 (GMT+8).

Day 1 of the G7 meetings will be held today. During this time, there may be volatility in the market. Also, day 2 and 3 of the meetings will be held over the weekend.

NZD/USD Outlook (11 June 2021)

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

Day 1 of the G7 meetings will be held today. During this time, there may be volatility in the market. Also, day 2 and 3 of the meetings will be held over the weekend.

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 selling opportunities of NZD/USD if it fails to break above the key level of 0.72.

AUD/USD Outlook (11 June 2021)

Overall, AUD/USD is ranging across.

Day 1 of the G7 meetings will be held today. During this time, there may be volatility in the market. Also, day 2 and 3 of the meetings will be held over the weekend.

Most Australian banks will be closed next Monday in observance of the Queens Birthday. Expect lower trading volatility and volume during the usual Australian market hours.

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

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

USD/JPY Outlook (11 June 2021)

Overall, USD/JPY is trending upwards.

Day 1 of the G7 meetings will be held today. During this time, there may be volatility in the market. Also, day 2 and 3 of the meetings will be held over the weekend.

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 (11 June 2021)

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

During the monetary policy meeting yesterday, the European Central Bank (ECB) kept its monetary policy unchanged. The central bank has also stated in the monetary policy statement that it “expects net purchases under the PEPP over the coming quarter to continue to be conducted at a significantly higher pace than during the first months of the year”. During the press conference, ECB President Lagarde mentioned that no discussions were made on exiting the Pandemic Emergency Purchase Programme (PEPP) as it is still premature to do so. Nonetheless, the central bank has revised its GDP projection upwards from 4% to 4.6% in 2021 and 4.1% to 4.7% in 2022. Inflation projection has also been revised upwards from 1.5% to 1.9% in 2021 and 1.2% to 1.5% in 2022.

Day 1 of the G7 meetings will be held today. During this time, there may be volatility in the market. Also, day 2 and 3 of the meetings will be held over the weekend.

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

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

GBP/USD Outlook (11 June 2021)

Overall, GBP/USD is ranging across. Recently, GBP/USD bounced up from the key level of 1.41.

Bank of England Governor Bailey will be speaking later at 1630 (GMT+8). During this time, there may be volatility in GBP.

Day 1 of the G7 meetings will be held today. During this time, there may be volatility in the market. Also, day 2 and 3 of the meetings will be held over the weekend.

GBP/USDs 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.

USD/CAD Outlook (11 June 2021)

Overall, USD/CAD is ranging across.

Day 1 of the G7 meetings will be held today. During this time, there may be volatility in the market. Also, day 2 and 3 of the meetings will be held over the weekend.

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 (11 June 2021)

Overall, GBP/JPY is trending upwards. Recently, GBP/JPY broke the support zone of 155.000.

Bank of England Governor Bailey will be speaking later at 1630 (GMT+8). During this time, there may be volatility in GBP.

Day 1 of the G7 meetings will be held today. During this time, there may be volatility in the market. Also, day 2 and 3 of the meetings will be held over the weekend.

Currently, GBP/JPY is testing the resistance zone of 155.000 and the next support zone is at 153.000.

Look for selling opportunities of GBP/JPY if it bounces off the resistance zone of 155.000.

EUR/JPY Outlook (11 June 2021)

Overall, EUR/JPY is trending upwards.

During the monetary policy meeting yesterday, the European Central Bank (ECB) kept its monetary policy unchanged. The central bank has also stated in the monetary policy statement that it “expects net purchases under the PEPP over the coming quarter to continue to be conducted at a significantly higher pace than during the first months of the year”. During the press conference, ECB President Lagarde mentioned that no discussions were made on exiting the Pandemic Emergency Purchase Programme (PEPP) as it is still premature to do so. Nonetheless, the central bank has revised its GDP projection upwards from 4% to 4.6% in 2021 and 4.1% to 4.7% in 2022. Inflation projection has also been revised upwards from 1.5% to 1.9% in 2021 and 1.2% to 1.5% in 2022.

Day 1 of the G7 meetings will be held today. During this time, there may be volatility in the market. Also, day 2 and 3 of the meetings will be held over the weekend.

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

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