Daily Forex Analysis - 9th August 2021

USD Overview (09 August 2021)

Last Friday, USD strengthened against all major currencies.

The Non-Farm Payroll jobs report released last Friday indicated a strong rise in the number of jobs in the economy in July, surpassing markets expectation. The number of jobs added in June has also been revised upwards. Unemployment rate in July has also declined by 0.5%. The stellar jobs report led to the strengthening of USD against other major currencies.

- Average Hourly Earnings m/m (Actual: 0.4%, Forecast: 0.3%, Previous: 0.4% revised from 0.3%)

- Non-Farm Employment Change (Actual: 943K, Forecast: 870K, Previous: 938K revised from 850K)

- Unemployment Rate (Actual: 5.4%, Forecast: 5.7%, Previous: 5.9%)

FOMC committee member Bostic will be speaking later at 2200 (GMT+8). Also, FOMC committee member Barkin will be speaking tomorrow at 0000 (GMT+8). During these times, there may be volatility in USD.

NZD/USD Outlook (09 August 2021)

Overall, NZD/USD is ranging across. Recently, NZD/USD weakened and broke below the key level of 0.70 after the release of the stellar U.S. Non-Farm Payroll jobs report last Friday.

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 (09 August 2021)

Overall, AUD/USD is trending downwards. Recently, AUD/USD weakened after the release of the stellar U.S. Non-Farm Payroll jobs report last Friday.

In the released quarterly monetary policy statement last Friday, the Reserve Bank of Australia revised their economic projections positively.

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

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

USD/JPY Outlook (09 August 2021)

Overall, USD/JPY is trending downwards. Recently, USD/JPY strengthened and broke above the key level of 110 after the release of the stellar U.S. Non-Farm Payroll jobs report last Friday.

Japanese banks will be closed today in observance of Mountain Day. Expect lower trading volatility and volume during the usual Japanese market hours.

USD/JPYs next support zone is at 108.500 and the next resistance zone is at 110.800.

Look for buying opportunities of USD/JPY.

EUR/USD Outlook (09 August 2021)

Overall, EUR/USD is ranging across. Recently, EUR/USD broke the support zone of 1.18200 after the release of the stellar U.S. Non-Farm Payroll jobs report last Friday.

EUR/USDs next support zone is at 1.16300 and the next resistance zone is at 1.18200.

Look for selling opportunities of EUR/USD.

GBP/USD Outlook (09 August 2021)

Overall, GBP/USD is ranging across. Recently, GBP/USD weakened and broke below the key level of 1.39 after the release of the stellar U.S. Non-Farm Payroll jobs report last Friday.

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 (09 August 2021)

Overall, USD/CAD is ranging across. Recently, USD/CAD strengthened and bounced up from the key level of 1.25 after the release of the stellar U.S. Non-Farm Payroll jobs report last Friday.

The Canadian employment data released last Friday indicated a strong slowdown in jobs creation in the Canadian economy in July while unemployment rate declined although it missed the target slightly.

- Employment Change (Actual: 94.0, Forecast: 169.5K, Previous: 230.7K)

- Unemployment Rate (Actual: 7.5%, Forecast: 7.4%, Previous: 7.8%)

The Canadian Ivey PMI data (Actual: 56.4, Forecast: 67.3, Previous: 71.9) released last Friday indicated a strong slowdown in the expansion of business activities in Canada in July.

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

Look for buying opportunities of USD/CAD after it breaks above the resistance zone of 1.26100.

GBP/JPY Outlook (09 August 2021)

Overall, GBP/JPY is ranging across. Recently, GBP/JPY tested but failed to break above the key level of 153.

Currently, GBP/JPY is bouncing down from the key level of 153. Its next support zone is at 151.000 and the next resistance zone is at 153.800.

Look for selling opportunities of GBP/JPY.

EUR/JPY Outlook (09 August 2021)

Overall, EUR/JPY is trending downwards. Recently, EUR/JPY bounced off the resistance zone of 130.000.

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

Look for selling opportunities of EUR/JPY.