Daily Forex Analysis - 01 February 2021

USD Overview (01 February 2021)

Last Friday, USD strengthened against most major currencies except EUR, NZD and CAD.

The Revised UoM Consumer Sentiment data (Actual: 79.0, Forecast: 79.2, Previous: 79.2) released last Friday indicated a slight downward revision from the preliminary release.

The Final Manufacturing PMI data (Forecast: 59.1, Previous: 59.1) will be released later at 2245 (SGT).

The ISM Manufacturing PMI data (Forecast: 60.0, Previous: 60.7) will be released later at 2300 (SGT).

NZD/USD Outlook (01 February 2021)

Overall, NZD/USD is ranging across.

Currently, NZD/USD is moving towards the key level of 0.72. Its next support zone is at 0.71000 and the next resistance zone is at 0.72850.

Look for selling opportunities of NZD/USD if it bounces down from the key level of 0.72.

AUD/USD Outlook (01 February 2021)

Overall, AUD/USD is ranging across. Recently, AUD/USD bounced off the support zone of 0.76000.

AUD/USDs next support zone is at 0.76000 and the next resistance zone is at 0.77900.

Look for buying opportunities of AUD/USD.

USD/JPY Outlook (01 February 2021)

Overall, USD/JPY is trending upwards.

Currently, USD/JPY is testing the resistance zone of 104.600 and the next support zone is at 102.800.

Look for buying opportunities of USD/JPY if it breaks the resistance zone of 104.600.

EUR/USD Outlook (01 February 2021)

Overall, EUR/USD is trending downwards. Recently, EUR/USD bounced off the support zone of 1.20750.

The French Preliminary GDP q/q data (Actual: -1.3%, Forecast: -4.0%, Previous: 18.7% revised from 18.2%) released last Friday indicated negative economic growth during the fourth quarter of 2020 as a result of the imposed lockdown from October to mid-December.

The German Preliminary GDP q/q data (Actual: 0.1%, Forecast: 0.0%, Previous: 8.5% revised from 8.2%) released last Friday indicated a strong slowdown in economic growth during the fourth quarter of 2020 also due to the renewed lockdown measure towards the end of the year.

EUR/USDs next support zone of 1.20750 and the next resistance zone is at 1.23170.

Look for selling opportunities of EUR/USD.

GBP/USD Outlook (01 February 2021)

Overall, GBP/USD is trending upwards.

The UK Final Manufacturing PMI data (Forecast: 52.9, Previous: 52.9) will be released later at 1730 (SGT).

Currently, GBP/USD is moving towards the resistance zone of 1.37800 and the next support zone is at 1.34800.

Look for buying opportunities of GBP/USD if it breaks the resistance zone of 1.37800.

USD/CAD Outlook (01 February 2021)

Overall, USD/CAD is ranging across. Recently, USD/CAD trended into the support zone of 1.27900.

The Canadian GDP m/m data (Actual: 0.7%, Forecast: 0.4%, Previous: 0.4%) released last Friday indicated a faster pace of economic growth in November.

The Canadian Manufacturing PMI data (Forecast: NA, Previous: 57.9) will be released later at 2230 (SGT).

Currently, USD/CAD is testing the next support zone of 1.27900 and the next resistance zone is at 1.29800.

Look for buying opportunities of USD/CAD if it bounces off the support zone of 1.27900.

GBP/JPY Outlook (01 February 2021)

Overall, GBP/JPY is trending upwards. Recently, GBP/JPY trended into the resistance zone of 144.000.

The UK Final Manufacturing PMI data (Forecast: 52.9, Previous: 52.9) will be released later at 1730 (SGT).

GBP/JPYs next support zone is at 142.200 and the next resistance zone of 144.000.

Look for buying opportunities of GBP/JPY.

EUR/JPY Outlook (01 February 2021)

Overall, EUR/JPY is ranging across. Recently, EUR/JPY trended into the resistance zone of 127.150.

The French Preliminary GDP q/q data (Actual: -1.3%, Forecast: -4.0%, Previous: 18.7% revised from 18.2%) released last Friday indicated negative economic growth during the fourth quarter of 2020 as a result of the imposed lockdown from October to mid-December.

The German Preliminary GDP q/q data (Actual: 0.1%, Forecast: 0.0%, Previous: 8.5% revised from 8.2%) released last Friday indicated a strong slowdown in economic growth during the fourth quarter of 2020 also due to the renewed lockdown measure towards the end of the year.

Currently, EUR/JPY is testing the resistance zone of 127.150 and the next support zone is at 125.000.

Look for buying opportunities of EUR/JPY if it breaks the resistance zone of 127.150.