Daily Forex Analysis - 11th August 2021

USD Overview (11 August 2021)

Yesterday, USD strengthened against most major currencies except AUD, NZD and CAD.

The CPI m/m data will be released later at 2030 (GMT+8).

- CPI m/m (Forecast: 0.5%, Previous: 0.9%)

- Core CPI m/m (Forecast: 0.4%, Previous: 0.9%)

FOMC committee member Bostic will be speaking later at 2230 (GMT+8). During this time, there may be volatility in USD.

NZD/USD Outlook (11 August 2021)

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

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 selling opportunities of NZD/USD if it bounces down from the key level of 0.70.

AUD/USD Outlook (11 August 2021)

Overall, AUD/USD is trending downwards.

The Australian NAB Business Confidence data (Actual: -8, Forecast: NA, Previous: 11) released yesterday indicated a decline in business sentiment in July due to the outbreak of the Delta variant COVID cases.

The Australian Westpac Consumer Sentiment data (Actual: -4.7%, Forecast: NA, Previous: 1.5%) released earlier today reflected a decline in sentiment in July due to the recent outbreak in the Delta variant of COVID.

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 (11 August 2021)

Overall, USD/JPY is ranging across.

Currently, USD/JPY is moving towards the resistance zone of 110.800 and the next support zone is at 108.500.

Look for short-term buying opportunities of USD/JPY if it breaks the resistance zone of 110.800.

EUR/USD Outlook (11 August 2021)

Overall, EUR/USD is ranging across.

The eurozone and German ZEW Economic Sentiment data released yesterday indicated a strong decline in economic sentiment due to the increasing risks for the German economy resulting from a possible fourth COVID-19 wave.

- ZEW Economic Sentiment (Actual 42.7, Forecast: 55.3, Previous: 61.2)

- German ZEW Economic Sentiment (Actual 40.4, Forecast: 54.9, Previous: 63.3)

Currently, EUR/USD is moving down towards the key level of 1.17. Its next support zone is at 1.16300 and the next resistance zone is at 1.18200.

Look for short-term selling opportunities of EUR/USD if it breaks below the key level of 1.17.

GBP/USD Outlook (11 August 2021)

Overall, GBP/USD is ranging across.

Currently, GBP/USD is moving towards the support zone of 1.38000 and the next resistance zone is at 1.40000.

Look for short-term selling opportunities of GBP/USD if it breaks the support zone of 1.38000.

USD/CAD Outlook (11 August 2021)

Overall, USD/CAD is ranging across. Recently, USD/CAD bounced off 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 buying opportunities of USD/CAD.

GBP/JPY Outlook (11 August 2021)

Overall, GBP/JPY is ranging across. Recently, GBP/JPY bounced down from the key level of 153.

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 selling opportunities of GBP/JPY if it fails to break above the key level of 153.

EUR/JPY Outlook (11 August 2021)

Overall, EUR/JPY is trending downwards.

The eurozone and German ZEW Economic Sentiment data released yesterday indicated a strong decline in economic sentiment due to the increasing risks for the German economy resulting from a possible fourth COVID-19 wave.

- ZEW Economic Sentiment (Actual 42.7, Forecast: 55.3, Previous: 61.2)

- German ZEW Economic Sentiment (Actual 40.4, Forecast: 54.9, Previous: 63.3)

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.