Daily Forex Analysis - 29th June 2021

USD Overview (29 June 2021)

Yesterday, USD strengthened against most major currencies except JPY.

FOMC member Barkin will be speaking later at 2100 (GMT+8). During this time, there may be volatility in USD.

The Conference Board Consumer Confidence data (Forecast: 118.9, Previous: 117.2) will be released later at 2200 (GMT+8).

NZD/USD Outlook (29 June 2021)

Overall, NZD/USD is trending downwards. Recently, NZD/USD bounced off the resistance zone of 0.71000.

The Reserve Bank of New Zealand Governor Orr will be speaking later at 1210 (GMT+8). During this time, there may be volatility in NZD.

NZD/USDs next support zone is at 0.69500 and the next resistance zone is at 0.71000.

Look for selling opportunities of NZD/USD.

AUD/USD Outlook (29 June 2021)

Overall, AUD/USD is trending downwards. Recently, AUD/USD bounced down from the key level of 0.76.

AUD/USDs next support zone is at 0.75000 and the next resistance zone is at 0.76500.

Look for selling opportunities of AUD/USD.

USD/JPY Outlook (29 June 2021)

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

The Japanese Unemployment Rate data (Actual: 3.0%, Forecast: 2.9%, Previous: 2.8%) released earlier today indicated a slight increase in unemployment during May.

Also, the Japanese Retail Sales y/y data (Actual: 8.2%, Forecast: 7.9%, Previous: 11.9% revised from 12.0%) released earlier today indicated continued increase in consumer spending albeit at a slower pace.

Currently, USD/JPY moving towards the resistance zone of 110.800 and the next support zone is at 108.500.

Look for buying opportunities of USD/JPY if it breaks the resistance zone of 110.800.

EUR/USD Outlook (29 June 2021)

Overall, EUR/USD is trending downwards. Recently, EUR/USD bounced up from the key level of 1.19.

The German Preliminary CPI m/m data (Forecast: 0.4%, Previous: 0.5%) will be released today at a tentative timing.

European Central Bank President Lagarde will be speaking later at 2140 (GMT+8). During this time, there may be volatility in EUR.

EUR/USDs next support zone is at 1.18500 and the next resistance zone is at 1.20000.

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

GBP/USD Outlook (29 June 2021)

Overall, GBP/USD is trending downwards.

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 (29 June 2021)

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

USD/CADs next support zone is at 1.22600 and the next resistance zone is at 1.24800.

Look for buying opportunities of USD/CAD.

GBP/JPY Outlook (29 June 2021)

Overall, GBP/JPY is ranging across.

Currently, GBP/JPY is testing the support zone of 153.800 and the next resistance zone is at 156.000.

Look for selling opportunities of GBP/JPY if it breaks the support zone of 152.800.

EUR/JPY Outlook (29 June 2021)

Overall, EUR/JPY is ranging across.

The German Preliminary CPI m/m data (Forecast: 0.4%, Previous: 0.5%) will be released today at a tentative timing.

European Central Bank President Lagarde will be speaking later at 2140 (GMT+8). During this time, there may be volatility in EUR.

Currently, EUR/JPY is testing the support zone of 132.000 and the next resistance zone is at 134.000.

Look for selling opportunities of EUR/JPY if it breaks the support zone of 132.000.