Daily Forex Analysis - 20th July 2021

USD Overview (20 July 2021)

Yesterday, USD strengthened against most major currencies except JPY and CHF.

The housing data will be released later at 2030 (GMT+8).

- Building Permits (Forecast: 1.69M, Previous: 1.68M)

- Housing Starts (Forecast: 1.59M, Previous: 1.57M)

NZD/USD Outlook (20 July 2021)

Overall, NZD/USD is ranging across. Recently, NZD/USD weakened and trended into the support zone of 0.69500 due to a global concern in a rebound in COVID cases.

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

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

AUD/USD Outlook (20 July 2021)

Overall, AUD/USD is trending downwards. Recently, AUD/USD weakened and trended into the support zone of 0.73300 due to a global concern in a rebound in COVID cases.

The Reserve Bank of Australia will be releasing the minutes for the recent monetary policy meeting later at 0930 (GMT+8). Details on the recent tapering of quantitative easing may be provided in the minutes.

It was reported yesterday that Australias Victoria lockdown will be extended.

The Australian Retail Sales m/m data (Forecast: -0.6%, Previous: 0.4%) will be released tomorrow at 0930 (GMT+8).

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

Look for short-term selling opportunities of AUD/USD if it breaks the support zone of 0.73300.

USD/JPY Outlook (20 July 2021)

Overall, USD/JPY is ranging across. Recently, USD/JPY broke below the key level of 110 due to a global concern in a rebound in COVID cases.

The Japanese National Core CPI y/y data (Actual 0.2%, Forecast: 0.2%, Previous: 0.1%) released earlier today indicated a slight increase in annual inflation.

The Bank of Japan will be releasing its minutes for the recent monetary policy meeting tomorrow at 0750 (GMT+8).

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 (20 July 2021)

Overall, EUR/USD is trending downwards. Recently, EUR/USD failed to break the resistance zone of 1.18200 due to a global concern in a rebound in COVID cases.

Currently, EUR/USD is moving towards the resistance zone of 1.18200 and the next support zone is at 1.16300.

Look for short-term selling opportunities of EUR/USD if it bounces off the resistance zone of 1.18200.

GBP/USD Outlook (20 July 2021)

Overall, GBP/USD is trending downwards. Recently, GBP/USD broke below the key level of 1.37 due to a global concern in a rebound in COVID cases.

GBP/USDs next support zone is at 1.36000 and the next resistance zone is at 1.38000.

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

USD/CAD Outlook (20 July 2021)

Overall, USD/CAD is trending upwards. Recently, USD/CAD strengthened and broke the resistance zone of 1.26100 due to a global concern in a rebound in COVID cases.

USD/CADs next support zone is at 1.26100 and the next resistance zone is at 1.28500.

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

GBP/JPY Outlook (20 July 2021)

Overall, GBP/JPY is ranging across. Recently, GBP/JPY broke the support zone of 151.000 due to a global concern in a rebound in COVID cases.

GBP/JPYs next support zone is at 148.900 and the next resistance zone is at 151.000.

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

EUR/JPY Outlook (20 July 2021)

Overall, EUR/JPY is trending downwards. Recently, EUR/JPY broke the support zone of 130.000 due to a global concern in a rebound in COVID cases.

EUR/JPYs next support zone is at 128.500 and the next resistance zone is at 130.000.

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