Daily Forex Analysis - 12th July 2021

USD Overview (12 July 2021)

Last Friday, USD weakened against most major currencies except JPY.

FOMC member Williams will be speaking later at 2130 (GMT+8). During this time, there may be volatility in USD.

NZD/USD Outlook (12 July 2021)

Overall, NZD/USD is trending downwards. Recently, NZD/USD bounced off the support zone of 0.69500.

Currently, NZD/USD is testing to break above 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 short-term buying opportunities of NZD/USD if it breaks above the key level of 0.70.

AUD/USD Outlook (12 July 2021)

Overall, AUD/USD is trending downwards. Recently, AUD/USD trended upwards into the resistance zone of 0.75000.

The Australian NAB Business Confidence data (Forecast: NA, Previous: 20) will be released tomorrow at 0930 (GMT+8).

Currently, AUD/USD is testing the resistance zone of 0.75000 and the next support zone is at 0.73300.

Look for short-term buying opportunities of AUD/USD if it breaks the resistance zone of 0.75000.

USD/JPY Outlook (12 July 2021)

Overall, USD/JPY is ranging across. Recently, USD/JPY broke above the key level of 110.

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 (12 July 2021)

Overall, EUR/USD is trending downwards.

In the minutes for the previous monetary policy meeting released last Friday, it was stated that the central bank committee members discussed on a cut in quantitative easing during their 10 June meeting amid the picked-up pace of the ongoing economic recovery. This led to the strengthening of EUR.

Eurogroup meetings will be held today. There may be volatility in EUR.

EUR/USDs next support zone is at 1.18200 and the next resistance zone is at 1.20000.

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

GBP/USD Outlook (12 July 2021)

Overall, GBP/USD is trending downwards. Recently, GBP/USD bounced off the support zone of 1.38000.

Currently, GBP/USD is testing to break above the key level of 1.39. Its next support zone is at 1.38000 and the next resistance zone is at 1.40000.

Look for short-term buying opportunities of GBP/USD if it breaks above the key level of 1.39.

USD/CAD Outlook (12 July 2021)

Overall, USD/CAD is trending upwards. Recently, USD/CAD moved down into the support zone of 1.24800.

The Canadian employment data released last Friday indicated a strong recovery in the jobs market, surpassing the forecasted number of jobs added in June amid the lifting of COVID restrictions in Ontario and the resumption of outdoor activities. Unemployment rate declined as forecasted. Nevertheless, the jobs report indicated that all of the employment increase was in part-time jobs.

- Employment Change (Actual: 230.7K, Forecast: 172.5K, Previous: -68.0K)

- Unemployment Rate (Actual: 7.8%, Forecast: 7.8%, Previous: 8.2%)

Currently, USD/CAD is testing the support zone of 1.24800 and the next resistance zone is at 1.26100.

Look for short-term selling opportunities of USD/CAD if it breaks the support zone of 1.24800.

GBP/JPY Outlook (12 July 2021)

Overall, GBP/JPY is ranging across. Recently, GBP/JPY trended upwards and broke above the key level of 152.

Currently, GBP/JPY is testing to break above the key level of 153. Its next support zone is at 151.000 and the next resistance zone is at 153.800.

Look for short-term buying opportunities of GBP/JPY if it breaks above the key level of 153.

EUR/JPY Outlook (12 July 2021)

Overall, EUR/JPY is ranging across. Recently, EUR/JPY bounced off the support zone of 130.000.

In the minutes for the previous monetary policy meeting released last Friday, it was stated that the central bank committee members discussed on a cut in quantitative easing during their 10 June meeting amid the picked-up pace of the ongoing economic recovery. This led to the strengthening of EUR.

Eurogroup meetings will be held today. There may be volatility in EUR.

Currently, EUR/JPY is moving towards the key level of 131. Its next support zone is at 130.000 and the next resistance zone is at 132.000.

Look for short-term buying opportunities of EUR/JPY if it breaks above the key level of 131.