Daily Forex Analysis - 2nd August 2021

USD Overview (02 August2021)

Last Friday, USD strengthened against most major currencies except CHF.

The Core PCE Price Index m/m data (Actual: 0.4%, Forecast: 0.6%, Previous: 0.5%) released last Friday indicated continued increase in prices of goods and services purchased by consumers in June.

The ISM Manufacturing PMI data (Forecast: 60.8, Previous: 60.6) will be released later at 2200 (GMT+8).

NZD/USD Outlook (02 August2021)

Overall, NZD/USD is ranging across. Recently, NZD/USD broke below the key level of 0.70.

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

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

AUD/USD Outlook (02 August2021)

Overall, AUD/USD is trending downwards. Recently, AUD/USD bounced down from the key level of 0.74.

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

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

USD/JPY Outlook (02 August2021)

Overall, USD/JPY is trending downwards.

The Japanese Consumer Confidence data (Forecast: 37.0, Previous: 37.4) will be released later at 1300 (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 (02 August2021)

Overall, EUR/USD is ranging across. Recently, EUR/USD failed to break above the key level of 1.19.

The eurozone inflation data released last Friday indicated headline annual inflation in July continue to rise at a higher rate while core inflation declined slightly. The preliminary flash GDP q/q data released indicated a strong rebound in eurozone economic growth, surpassing the markets expectation. Jobless rate also declined. Overall, the eurozone economy is making good progress in its recovery.

- CPI Flash Estimate y/y (Actual: 2.2%, Forecast: 2.0%, Previous: 1.9%)

- Core CPI Flash Estimate y/y (Actual: 0.7%, Forecast: 0.7%, Previous: 0.9%)

- Preliminary Flash GDP q/q (Actual: 2.0%, Forecast: 1.5%, Previous: -0.3% revised from -0.6%)

- Unemployment Rate (Actual: 7.7%, Forecast: 7.9%, Previous: 7.9%)

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 (02 August2021)

Overall, GBP/USD is ranging across. Recently, GBP/USD bounced off the resistance zone of 1.40000.

Currently, GBP/USD is testing to break below 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.

USD/CAD Outlook (02 August2021)

Overall, USD/CAD is ranging across.

The Canadian GDP m/m data (Actual: -0.3%, Forecast: -0.3%, Previous: -0.5% revised from -0.3%) released last Friday indicated continued contraction in economic growth during May.

Currently, USD/CAD is testing the support zone of 1.24500 and the next resistance zone is at 1.26100.

Look for short-term buying opportunities of USD/CAD if it bounces off the support zone of 1.24500.

GBP/JPY Outlook (02 August2021)

Overall, GBP/JPY is ranging across. Recently, GBP/JPY broke below the key level of 153.

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

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

EUR/JPY Outlook (02 August2021)

Overall, EUR/JPY is trending downwards.

The eurozone inflation data released last Friday indicated headline annual inflation in July continue to rise at a higher rate while core inflation declined slightly. The preliminary flash GDP q/q data released indicated a strong rebound in eurozone economic growth, surpassing the markets expectation. Jobless rate also declined. Overall, the eurozone economy is making good progress in its recovery.

- CPI Flash Estimate y/y (Actual: 2.2%, Forecast: 2.0%, Previous: 1.9%)

- Core CPI Flash Estimate y/y (Actual: 0.7%, Forecast: 0.7%, Previous: 0.9%)

- Preliminary Flash GDP q/q (Actual: 2.0%, Forecast: 1.5%, Previous: -0.3% revised from -0.6%)

- Unemployment Rate (Actual: 7.7%, Forecast: 7.9%, Previous: 7.9%)

Currently, EUR/JPY is testing the support zone of 130.000 and the next resistance zone is at 132.000.

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