Daily Forex Analysis - 21th June 2021

USD Overview (21 June 2021)

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

In an interview last Friday FOMC member Bullard said that he expects the Fed to hike rate in late 2022 with the faster than forecast rise in inflation.

FOMC member Williams will be speaking tomorrow at 0300 (GMT+8). During this time, there may be volatility in USD.

NZD/USD Outlook (21 June 2021)

Overall, NZD/USD is trending downwards. Recently, NZD/USD broke below the key level of 0.70.

The New Zealand Westpac Consumer Sentiment data (Forecast: NA, Previous: 105.2) will be released tomorrow at 0500 (GMT+8).

Currently, NZD/USD is testing the support zone of 0.69500 and the next resistance zone is at 0.71000.

Look for selling opportunities of NZD/USD if it breaks the support zone of 0.69500.

AUD/USD Outlook (21 June 2021)

Overall, AUD/USD is trending downwards. Recently, AUD/USD broke the support zone of 0.75500.

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

Currently, AUD/USD is testing to break above the key level of 0.75. Its next support zone is at 0.73900 and the next resistance zone is at 0. 75500.

Look for selling opportunities of AUD/USD if it fails to break above the key level of 0.75.

USD/JPY Outlook (21 June 2021)

Overall, USD/JPY is trending upwards.

During their monetary policy meeting last Friday, the Bank of Japan (BoJ) held monetary policy unchanged. In addition, the central bank has extended its pandemic-relief programme by six months to provide financial support to firms.

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 (21 June 2021)

Overall, EUR/USD is trending downwards. Recently, EUR/USD broke below the key level of 1.19.

European Central Bank President Lagarde will be speaking later at 2030 (GMT+8).

Also, she will be testifying before the European Parliament Economic and Monetary Affairs Committee at 2215 (GMT+8). During these times, there may be volatility in EUR.

EUR/USDs next support zone is at 1.17900 and the next resistance zone is at 1.19700.

Look for selling opportunities of EUR/USD.

GBP/USD Outlook (21 June 2021)

Overall, GBP/USD is trending downwards. Recently, GBP/USD trended down into the support zone of 1.38000.

The UK Retail Sales m/m data (Actual: -1.4%, Forecast: 1.5%, Previous: 9.2%) released last Friday indicated a decline in consumer spending in May.

Currently, GBP/USD is testing the support zone of 1.38000 and the next resistance zone is at 1.40000.

Look for selling opportunities of GBP/USD if it breaks the support zone of 1.38000.

USD/CAD Outlook (21 June 2021)

Overall, USD/CAD is trending upwards. Recently, USD/CAD broke the resistance zone of 1.23800.

USD/CADs next support zone is at 1.23800 and the next resistance zone is at 1.26100.

Look for buying opportunities of USD/CAD.

GBP/JPY Outlook (21 June 2021)

Overall, GBP/JPY is ranging across. Recently, GBP/JPY rejected the resistance zone of 153.800.

The UK Retail Sales m/m data (Actual: -1.4%, Forecast: 1.5%, Previous: 9.2%) released last Friday indicated a decline in consumer spending in May.

GBP/JPYs next support zone is at 151.000 and the next resistance zone is at 153.800.

Look for selling opportunities of GBP/JPY if it breaks below the key level of 152.

EUR/JPY Outlook (21 June 2021)

Overall, EUR/JPY is trending downwards.

European Central Bank President Lagarde will be speaking later at 2030 (GMT+8).

Also, she will be testifying before the European Parliament Economic and Monetary Affairs Committee at 2215 (GMT+8). During these times, there may be volatility in EUR.

Currently, EUR/JPY is testing the support zone of 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.