Daily Forex Analysis - 09 February 2021

USD Overview (09 February 2021)

Yesterday, USD weakened against most major currencies except CHF.

Earlier today, Federal Reserve committee member Loretta Mester said that the central bank is going to keep monetary policy accommodative for a period of time as the U.S. economy is still far from their goals for maximum employment and price stability. Nonetheless, she sees the picking up of economic activities during the second half of the year once most Americans are vaccinated.

NZD/USD Outlook (09 February 2021)

Overall, NZD/USD is ranging across. Recently, NZD/USD broke above the key level of 0.72.

The New Zealand Inflation Expectation q/q data (Actual: 1.89%, Forecast: NA, Previous: 1.59%) released earlier today indicated an increase in expectations of inflation 24 months into the future by the surveyed consumers.

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

With the optimistic inflation outlook, look for buying opportunities of NZD/USD.

AUD/USD Outlook (09 February 2021)

Overall, AUD/USD is trending downwards. Recently, AUD/USD broke above the key level of 0.77.

The Australian NAB Business Confidence data (Actual: 10, Forecast: NA, Previous: 5 revised from 4) released earlier today indicated improved business conditions ratings from the surveyed businesses.

The Australian Westpac Consumer Sentiment data (Forecast: NA, Previous: -4.5%) will be released tomorrow at 0730 (SGT).

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 (09 February 2021)

Overall, USD/JPY is trending upwards.

Currently, USD/JPY is testing to break below the key level of 105. Its next support zone is at 104.600 and the next resistance zone is at 105.800.

Look for selling opportunities of USD/JPY.

EUR/USD Outlook (09 February 2021)

Overall, EUR/USD is trending downwards. Recently, EUR/USD trended into the resistance zone of 1.20750.

Currently, EUR/USD is testing the resistance zone of 1.20750 and the next support zone is at 1.18800.

Look for buying opportunities of EUR/USD if it breaks the resistance zone of 1.20750.

GBP/USD Outlook (09 February 2021)

Overall, GBP/USD is trending upwards. Recently, bounced up from the key level of 1.37 and trended into the resistance zone of 1.37800.

Currently, GBP/USD is testing 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 (09 February 2021)

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

USD/CADs support zone is at 1.25720 and the next resistance zone is at 1.27900.

Look for selling opportunities of USD/CAD.

GBP/JPY Outlook (09 February 2021)

Overall, GBP/JPY is trending upwards.

GBP/JPYs next support zone is at 144.000 and the next resistance zone is at 146.000.

Look for buying opportunities of GBP/JPY.

EUR/JPY Outlook (09 February 2021)

Overall, EUR/JPY is ranging across. Recently, EUR/JPY bounced off the resistance zone of 127.150.

EUR/JPYs next support zone is at 125.000 and the next resistance zone is at 127.150.

Look for selling opportunities of EUR/JPY.