Daily Forex Analysis -6th September 2021

USD Overview (06 September 2021)

Yesterday, USD weakened against most major currencies except CHF.

The Nonfarm Payroll jobs data released last Friday indicated a strong decline in the number of jobs created in August, causing a disappointment in the market although unemployment rate decline as forecasted and that average earnings continues to grow. Nonetheless, the number of jobs being added for the previous two months were revised upwards.

- Average Hourly Earnings m/m (Actual: 0.6%, Forecast: 0.3%, Previous: 0.4%)

- Non-Farm Employment Change (Actual: 235K, Forecast: 750K, Previous: 1053K revised from 943K)

- Unemployment Rate (Actual: 5.2%, Forecast: 5.2%, Previous: 5.4%)

Also, the ISM Services PMI data (Actual: 61.7, Forecast: 61.6, Previous: 64.1) released last Friday indicated that the services sector continues to expand strongly in August although there was a slight pullback.

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

NZD/USD Outlook (06 September 2021)

Overall, NZD/USD is trending upwards. Recently, NZD/USD strengthened and broke the resistance zone of 0.71000 after the release of the disappointing U.S. jobs report.

NZD/USDs next support zone is at 0.71000 and the next resistance zone is at 0.72850.

Look for buying opportunities of NZD/USD.

AUD/USD Outlook (06 September 2021)

Overall, AUD/USD is ranging across. Recently, AUD/USD strengthened and broke above the key level of 0.74 after the release of the disappointing U.S. jobs report.

The Australian Retail Sales m/m data (Actual: -2.7%, Forecast: -1.9%, Previous: -2.7%) released last Friday indicated continued decline in consumer spending in August.

AUD/USDs next support zone is at 0.73300 and the next resistance zone is at 0.75000.

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

USD/JPY Outlook (06 September 2021)

Overall, USD/JPY is ranging across. Recently, USD/JPY weakened and broke below the key level of 110 after the release of the disappointing U.S. jobs report.

Currently, USD/JPY is moving up towards the key level of 110. Its next support zone is at 108.800 and the next resistance zone is at 110.800.

Look for selling opportunities of USD/JPY if it bounces down from the key level of 110.

EUR/USD Outlook (06 September 2021)

Overall, EUR/USD is trending upwards. Recently, EUR/USD strengthened and trended into the resistance zone of 1.19000 after the release of the disappointing U.S. jobs report.

Currently, EUR/USD is testing the next resistance zone of 1.19000 and the next support zone is at 1.17600.

Look for buying opportunities of EUR/USD if it breaks the resistance zone of 1.19000.

GBP/USD Outlook (06 September 2021)

Overall, GBP/USD is ranging across. Recently, GBP/USD strengthened after the release of the disappointing U.S. jobs report.

The UK Construction PMI data (Forecast: 57.4, Previous: 58.7) will be released later at 1630 (GMT+8).

Bank of England MPC member Mann will be speaking later at 1910 (GMT+8). During this time, there may be volatility in GBP.

GBP/USDs next support zone is at 1.38000 and the next resistance zone is at 1.40000.

Look for buying opportunities of GBP/USD.

USD/CAD Outlook (06 September 2021)

Overall, USD/CAD is ranging across. Recently, USD/CAD weakened after the release of the disappointing U.S. jobs report.

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

USD/CADs next support zone is at 1.24500 and the next resistance zone is at 1.26100.

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

GBP/JPY Outlook (06 September 2021)

Overall, GBP/JPY is ranging across.

The UK Construction PMI data (Forecast: 57.4, Previous: 58.7) will be released later at 1630 (GMT+8).

Bank of England MPC member Mann will be speaking later at 1910 (GMT+8). During this time, there may be volatility in GBP.

Currently, GBP/JPY is testing to break above the key level of 152. Its next support zone is at 151.000 and the next resistance zone is at 153.800.

Look for buying opportunities of GBP/JPY if it breaks above the key level of 152.

EUR/JPY Outlook (06 September 2021)

Overall, EUR/JPY is ranging across. Recently, EUR/JPY bounced off the support zone of 130.000.

EUR/JPYs next support zone is at 130.000 and the next resistance zone is at 132.000.

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