Daily Forex Analysis - 27th August 2021

Yesterday, USD weakened against all major currencies.

The Preliminary GDP q/q data (Actual: 6.6%, Forecast: 6.7%, Previous: 6.5%) released yesterday indicated a slight upwards revision in GDP from the advance release for the second quarter.

Day 1 of the Jackson Hole Symposium will be held today. Federal Reserve Chairman Powell will be speaking later at 2200 (GMT+8). During this time, expect volatility in USD.

NZD/USD Outlook (27 August 2021)

Overall, NZD/USD is ranging across.

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

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

If NZD/USD bounces off the resistance zone of 0.69500, look for short-term selling opportunities up until the Federal Reserve Chairman Powells speech at 2200 (GMT+8).

AUD/USD Outlook (27 August 2021)

Overall, AUD/USD is trending downwards. Recently, AUD/USD traded lower into the support zone of 0.72200.

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

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

Currently, AUD/USD is testing the support zone of 0.72200 and the next resistance zone is at 0.73300.

If AUD/USD breaks the support zone of 0.72200, look for short-term selling opportunities up until the Federal Reserve Chairman Powells speech at 2200 (GMT+8).

USD/JPY Outlook (27 August 2021)

Overall, USD/JPY is ranging across. Recently, USD/JPY broke above the key level of 110.

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

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

If USD/JPY bounces up from the key level of 110, look for short-term buying opportunities up until the Federal Reserve Chairman Powells speech at 2200 (GMT+8).

EUR/USD Outlook (27 August 2021)

Overall, EUR/USD is trending downwards.

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

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

If EUR/USD rejects the resistance zone of 1.17600, look for short-term selling opportunities up until the Federal Reserve Chairman Powells speech at 2200 (GMT+8).

GBP/USD Outlook (27 August 2021)

Overall, GBP/USD is ranging across.

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

UK banks will be closed next Monday in observance of Summer Bank Holiday. Expect lower trading volatility and volume during the usual London market hours.

Currently, GBP/USD is testing to break below the key level of 1.37. Its next support zone is at 1.36000 and the next resistance zone is at 1.38000.

If GBP/USD breaks below the key level of 1.37, look for short-term selling opportunities up until the Federal Reserve Chairman Powells speech at 2200 (GMT+8).

USD/CAD Outlook (27 August 2021)

Overall, USD/CAD is ranging across. Recently, USD/CAD bounced off the support zone of 1.26100.

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

Currently, USD/CAD is testing to break above the key level of 1.27. Its next support zone is at 1.26100 and the next resistance zone is at 1.29000.

If USD/CAD breaks above the key level of 1.27, look for short-term buying opportunities up until the Federal Reserve Chairman Powells speech at 2200 (GMT+8).

GBP/JPY Outlook (27 August 2021)

Overall, GBP/JPY is trending downwards.

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

UK banks will be closed next Monday in observance of Summer Bank Holiday. Expect lower trading volatility and volume during the usual London market hours.

Currently, GBP/JPY is testing to break the support zone of 151.000 and the next resistance zone is at 153.800.

If GBP/JPY bounces off the support zone of 151.000, look for short-term buying opportunities up until the Federal Reserve Chairman Powells speech at 2200 (GMT+8).

EUR/JPY Outlook (27 August 2021)

Overall, EUR/JPY is trending downwards.

Day 1 of the Jackson Hole Symposium will be held today. During this time, expect 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 selling opportunities of EUR/JPY up until the Federal Reserve Chairman Powells speech at 2200 (GMT+8).