Daily Forex Analysis - 27th July 2021

USD Overview (27 July 2021)

Yesterday, USD strengthened against all major currencies.

The New Home Sales data (Actual: 676K, Forecast: 800K, Previous: 724K revised from 769K) released yesterday indicated a decline in the number of new home sold in June.

The Conference Board Consumer Confidence data (Forecast: 124.2, Previous: 127.3) will be released later at 2200 (GMT+8).

NZD/USD Outlook (27 July 2021)

Overall, NZD/USD is ranging across. 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 buying opportunities of NZD/USD if it breaks above the key level of 0.70.

AUD/USD Outlook (27 July 2021)

Overall, AUD/USD is trending downwards. Recently, AUD/USD bounced off the support zone of 0.73300.

Reserve Bank of Australia Deputy Governor Debelle will be speaking later at 2035 (GMT+8). During this time, there may be volatility in AUD.

The Australian CPI q/q data (Forecast: 0.7%, Previous: 0.6%) will be released tomorrow at 0930 (GMT+8).

Currently, AUD/USD is moving up towards the key level of 0.74. Its next support zone is at 0.73300 and the next resistance zone is at 0.75000.

Look for short-term buying opportunities of AUD/USD if it breaks above the key level of 0.74.

USD/JPY Outlook (27 July 2021)

Overall, USD/JPY is ranging across.

Bank of Japan Governor Kuroda will be speaking later at 1530 (GMT+8). During this time, there may be volatility in JPY.

Currently, USD/JPY is moving down towards the key level of 110. Its next support zone is at 108.500 and the next resistance zone is at 110.800.

Look for selling opportunities of USD/JPY if it breaks below the key level of 110.

EUR/USD Outlook (27 July 2021)

Overall, EUR/USD is trending downwards. Recently, EUR/USD moved into the resistance zone of 1.18200.

The German ifo Business Climate data (Actual: 100.8, Forecast: 102.3, Previous: 101.8) released yesterday indicated a decline in business sentiment from the surveyed businesses due to concerns on rising COVID cases in Germany and supply constraints.

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

Look for selling opportunities of EUR/USD if it rejects the resistance zone of 1.18200.

GBP/USD Outlook (27 July 2021)

Overall, GBP/USD is ranging across. Recently, GBP/USD trended up into the resistance zone of 1.38000.

Currently, GBP/USD is testing the resistance zone of 1.38000 and the next support zone is at 1.36000.

Look for buying opportunities of GBP/USD if it breaks the resistance zone of 1.38000.

USD/CAD Outlook (27 July 2021)

Overall, USD/CAD is trending upwards. Recently, USD/CAD rejected the resistance zone of 1.26100.

USD/CADs next support zone is at 1.24500 and the next resistance zone is at 1.26100.

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

GBP/JPY Outlook (27 July 2021)

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

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

Look for buying opportunities of GBP/JPY.

EUR/JPY Outlook (27 July 2021)

Overall, EUR/JPY is trending downwards.

The German ifo Business Climate data (Actual: 100.8, Forecast: 102.3, Previous: 101.8) released yesterday indicated a decline in business sentiment from the surveyed businesses due to concerns on rising COVID cases in Germany and supply constraints.

Currently, EUR/JPY is testing the resistance zone of 130.000 and the next support zone is at 128.500.

Look for short-term buying opportunities of EUR/JPY if it breaks the resistance zone of 130.000.