Daily Forex Analysis - 18th June 2021

USD Overview (18 June 2021)

Yesterday, USD strengthened against most of the major currencies except JPY.

The Unemployment Claims data (Actual: 412K, Forecast: 360K, Previous: 375K revised from 376K) released yesterday indicated an unexpected rise in the number of people claiming for unemployment benefits last week.

NZD/USD Outlook (18 June 2021)

Overall, NZD/USD is trending downwards. Recently, NZD/USD rejected the resistance zone of 0.72850.

Currently, NZD/USD is testing to break below the key level of 0.70. Its next support zone is at 0.69500 and the next resistance zone is at 0.71000.

Look for selling opportunities of NZD/USD if it breaks below the key level of 0.70.

AUD/USD Outlook (18 June 2021)

Overall, AUD/USD is trending downwards. Recently, AUD/USD broke below the key level of 0.76.

The Australian employment data released yesterday indicated a strong recovery in employment during May from the loss of jobs in April. Also, unemployment rate continued to fall. This led to the strengthening of AUD for a short period of time.

- Employment Change (Actual: 115.2K, Forecast: 30.5K, Previous: -30.7K revised from -30.6K)

- Unemployment Rate (Actual: 5.1%, Forecast: 5.5%, Previous: 5.5%)

The Australian Retail Sales m/m data (Forecast: TBA. Previous: 1.1%) will be released next Monday at 0930 (GMT+8).

Currently, AUD/USD is testing the support zone of 0.75500 and the next resistance zone is at 0.78000.

Look for selling opportunities of AUD/USD if it breaks the support zone of 0.75500.

USD/JPY Outlook (18 June 2021)

Overall, USD/JPY is trending upwards. Recently, USD/JPY rejected the resistance zone of 110.800.

The Bank of Japan (BoJ) will be announcing their monetary policy decision later at a tentative timing. The central bank is expected to hold monetary policy unchanged. With the slow vaccination progress in Japan, the BoJ is unlikely going to follow the footsteps of some of its counterparts in tightening monetary policy for the time being.

A press conference will also be held after the announcement at a tentative timing. During this time, there may be volatility in JPY.

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 (18 June 2021)

Overall, EUR/USD is trending downwards. Recently, EUR/USD broke the support zone of 1.19700.

The eurozone final CPI y/y data released yesterday indicated little change in the final release of the CPI data.

- Final CPI y/y (Actual: 2.0%, Forecast: 2.0%, Previous: 2.0%)

- Final Core CPI y/y (Actual: 1.0%, Forecast: 0.9%, Previous: 0.9%)

Currently, EUR/USD is testing to break below the key level of 1.19. Its next support zone is at 1.17900 and the next resistance zone is at 1.19700.

Look for selling opportunities of EUR/USD if it breaks below the key level of 1.19.

GBP/USD Outlook (18 June 2021)

Overall, GBP/USD is trending downwards. Recently, GBP/USD broke the support zone of 1.40000.

The UK Retail Sales m/m data (Forecast: 1.5%, Previous: 9.2%) will be released later at 1400 (GMT+8).

GBP/USDs next support zone is at 1.38000 and the next resistance zone is at 1.40000.

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

USD/CAD Outlook (18 June 2021)

Overall, USD/CAD is trending upwards. Recently, USD/CAD broke above the key level of 1.23.

The Canadian CPI m/m data (Actual: 0.5%, Forecast: 0.4%, Previous: 0.5%) released yesterday indicated that inflation remained the same as previous month.

Currently, USD/CAD is bouncing off the resistance zone of 1.23800 and the next support zone is at 1.22400.

Look for buying opportunities of USD/CAD if it breaks the resistance zone of 1.23800.

GBP/JPY Outlook (18 June 2021)

Overall, GBP/JPY is ranging across. Recently, GBP/JPY broke the support zone of 153.800.

The UK Retail Sales m/m data (Forecast: 1.5%, Previous: 9.2%) will be released later at 1400 (GMT+8).

Currently, GBP/JPY is moving towards the resistance zone of 153.800 and the next support zone is at 151.000.

Look for selling opportunities of GBP/JPY if it rejects the resistance zone of 153.800.

EUR/JPY Outlook (18 June 2021)

Overall, EUR/JPY is ranging across. Recently, EUR/JPY broke the key support zone of 132.800.

The eurozone final CPI y/y data released yesterday indicated little change in the final release of the CPI data.

- Final CPI y/y (Actual: 2.0%, Forecast: 2.0%, Previous: 2.0%)

- Final Core CPI y/y (Actual: 1.0%, Forecast: 0.9%, Previous: 0.9%)

Currently, EUR/JPY is moving towards the key level of 131. Its next support zone is at 130.800 and the next resistance zone is at 132.800.

Look for selling opportunities of EUR/JPY if it breaks the support zone of 130.800.