Daily Forex Analysis - 11th August 2021

USD Overview (13 August 2021)

Yesterday, USD strengthened against most major currencies except JPY.

The Preliminary UoM Consumer Sentiment data (Forecast: 81.2, Previous: 81.2 revised from 80.8) will be released later at 2200 (GMT+8).

NZD/USD Outlook (13 August 2021)

Overall, NZD/USD is ranging across.

The New Zealand Inflation Expectations q/q data (Actual: 2.27%, Forecast: NA, Previous: 2.05%) released yesterday indicated that the Reserve Bank of New Zealand is expecting inflation to rise higher two years down the road.

Currently, NZD/USD is testing to break below 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 breaks below the key level of 0.70.

AUD/USD Outlook (13 August 2021)

Overall, AUD/USD is trending downwards.

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 (13 August 2021)

Overall, USD/JPY is ranging across.

The Japanese Preliminary GDP q/q data (Forecast: TBA, Previous: -1.0% revised from -1.3%) will be released next Monday 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 selling opportunities of USD/JPY.

EUR/USD Outlook (13 August 2021)

Overall, EUR/USD is trending downwards.

Currently, EUR/USD is moving towards the resistance zone of 1.17600 and the next support zone is at 1.16300.

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

GBP/USD Outlook (13 August 2021)

Overall, GBP/USD is ranging across.

The UK Preliminary GDP q/q (Actual: 4.8%, Forecast: 4.8%, Previous: -1.6% revised from -1.5%) released yesterday indicated a rebound in the UK economy during the second quarter from the first quarters negative growth.

Currently, GBP/USD is testing 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 (13 August 2021)

Overall, USD/CAD is ranging across. Recently, USD/CAD bounced up from the key level of 1.25.

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 (13 August 2021)

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

The UK Preliminary GDP q/q (Actual: 4.8%, Forecast: 4.8%, Previous: -1.6% revised from -1.5%) released yesterday indicated a rebound in the UK economy during the second quarter from the first quarters negative growth.

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 (13 August 2021)

Overall, EUR/JPY is trending downwards.

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.