Daily Forex Analysis - 26th August 2021

USD Overview (26 August 2021)

Yesterday, USD weakened against most major currencies except JPY and CHF.

The Preliminary GDP q/q data (Forecast: 6.7%, Previous: 6.5%) will be released later at 2030 (GMT+8).

Day 1 of the Jackson Hole Symposium will be held tomorrow. During this time, there may be volatility in USD.

NZD/USD Outlook (26 August 2021)

Overall, NZD/USD is ranging across. Recently, NZD/USD broke above the key level of 0.69.

Day 1 of the Jackson Hole Symposium will be held tomorrow. During this time, there may be volatility in NZD/USD.

Currently, NZD/USD is testing the resistance zone of 0.69500 and the next support zone is at 0.67900.

Look for short-term buying opportunities of NZD/USD if it breaks above the resistance zone of 0.69500.

AUD/USD Outlook (26 August 2021)

Overall, AUD/USD is trending downwards. Recently, AUD/USD broke the resistance zone of 0.72200.

The Australian Retail Sales m/m data (Forecast: -2.6%, Previous: -1.8%) will be released tomorrow at 0930 (GMT+8).

Day 1 of the Jackson Hole Symposium will be held tomorrow. During this time, there may be volatility in AUD/USD.

AUD/USDs next support zone is at 0.72200 and the next resistance zone is at 0.73300.

Look for short-term buying opportunities of AUD/USD.

USD/JPY Outlook (26 August 2021)

Overall, USD/JPY is ranging across.

Day 1 of the Jackson Hole Symposium will be held tomorrow. During this time, there may be volatility in USD/JPY.

Currently, USD/JPY is testing to break above the key level of 110. Its next support zone is at 108.800 and the next resistance zone is at 110.800.

Look for short-term buying opportunities of USD/JPY if it breaks above the key level of 110.

EUR/USD Outlook (26 August 2021)

Overall, EUR/USD is trending downwards.

The German ifo Business Climate data (Actual: 99.4, Forecast: 100.2, Previous: 100.7 revised from 100.8) released yesterday indicated a decline in optimism in companies expectation due to growing concerns in the hospitality and tourism sectors as COVID cases continues to rise.

The European Central Bank will be releasing the minutes for the recent monetary policy meeting later at 1930 (GMT+8).

Day 1 of the Jackson Hole Symposium will be held tomorrow. During this time, there may be volatility in EUR/USD.

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

Look for short-term buying opportunities of EUR/USD if it breaks the resistance zone of 1.17600.

GBP/USD Outlook (26 August 2021)

Overall, GBP/USD is ranging across. Recently, GBP/USD bounced up from the key level of 1.37.

Day 1 of the Jackson Hole Symposium will be held tomorrow. During this time, there may be volatility in GBP/USD.

GBP/USDs next support zone is at 1.36000 and the next resistance zone is at 1.38000.

Look for short-term buying opportunities of GBP/USD.

USD/CAD Outlook (26 August 2021)

Overall, USD/CAD is ranging across. Recently, USD/CAD traded lower into the support zone of 1.26100.

Day 1 of the Jackson Hole Symposium will be held tomorrow. During this time, there may be volatility in USD/CAD.

Currently, USD/CAD is testing the support zone of 1.26100 and the next resistance zone is at 1.29000.

Look for short-term selling opportunities of USD/CAD if it breaks the support zone of 1.26100.

GBP/JPY Outlook (26 August 2021)

Overall, GBP/JPY is trending downwards. Recently, GBP/JPY broke the resistance zone of 151.000.

Day 1 of the Jackson Hole Symposium will be held tomorrow. During this time, there may be volatility in GBP/JPY.

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

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

EUR/JPY Outlook (26 August 2021)

Overall, EUR/JPY is trending downwards. Recently, EUR/JPY broke above the key level of 129.

The German ifo Business Climate data (Actual: 99.4, Forecast: 100.2, Previous: 100.7 revised from 100.8) released yesterday indicated a decline in optimism in companies expectation due to growing concerns in the hospitality and tourism sectors as COVID cases continues to rise.

The European Central Bank will be releasing the minutes for the recent monetary policy meeting later at 1930 (GMT+8).

Day 1 of the Jackson Hole Symposium will be held tomorrow. During this time, there may be volatility in EUR/JPY.

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

Look for short-term buying opportunities of EUR/JPY.