Daily Forex Analysis - 01 March 2021

USD Overview (01 March 2021)

Last Friday, USD strengthened against all major currencies.

The revised UoM consumer sentiment data (Actual: 76.8, Forecast: 76.5, Previous: 76.2) released last Friday indicated little change in the final release of the data for February.

Last week, the U.S. House of Representatives voted in approval of the $1.9 trillion COVID-19 relief package.

Over the weekend, the U.S. Food and Drug Administration (FDA) approved the use for Johnson & Johnsons single-shot COVID-19 vaccine.

The ISM Manufacturing PMI data (Forecast: 58.7, Previous: 58.7) will be released later at 2300 (SGT).

NZD/USD Outlook (01 March 2021)

Overall, NZD/USD is ranging across. Recently, NZD/USD broke the support zone of 0.72850.

Last Saturday, New Zealand Prime Minister Jacinda Ardern announced that Auckland will be going into a seven-day lockdown the next day as authorities investigate the recent COVID-19 case.

Currently, NZD/USD is testing the resistance zone of 0.72850 and the next support zone is at 0.71000.

Look for selling opportunities of NZD/USD if it bounces off the resistance zone of 0.72850.

AUD/USD Outlook (01 March 2021)

Overall, AUD/USD is ranging across. Recently, AUD/USD broke the support zone of 0.77900.

The Australian Building Approvals m/m data (Forecast: -2.1%, Previous: 10.9%) will be released tomorrow at 0830 (SGT).

Currently, AUD/USD is moving towards the resistance zone of 0.77900 and the next support zone is at 0.76000.

Look for selling opportunities of AUD/USD if it bounces off the resistance zone of 0.77900.

USD/JPY Outlook (01 March 2021)

Overall, USD/JPY is trending upwards. Recently, USD/JPY bounced off the support zone of 106.000.

USD/JPYs next support zone is at 106.000 and the next resistance zone is at 107.900.

Look for buying opportunities of USD/JPY.

EUR/USD Outlook (01 March 2021)

Overall, EUR/USD is ranging across. Recently, EUR/USD broke the support zone of 1.21500.

The French preliminary CPI m/m released last Friday indicated a decline in inflation in February while the GDP q/q data released indicated a continued contraction in the economy during the fourth quarter of 2020.

- French Preliminary CPI m/m (Actual: -0.1%, Forecast: -0.3%, Previous: 0.2%)

- French Preliminary GDP q/q (Actual: -1.4%, Forecast: -1.3%, Previous: -1.3%)

European Central Bank President Lagarde will be speaking at a virtual conference tomorrow at 1210 (SGT).

During this time, there may be volatility in EUR.

EUR/USDs next support zone is at 1.19700 and the next resistance zone is at 1.21500.

Look for selling opportunities of EUR/USD.

GBP/USD Outlook (01 March 2021)

Overall, GBP/USD is trending upwards. Recently, GBP/USD broke the support zone of 1.40000.

Currently, GBP/USD is testing the resistance zone of 1.40000 and the next support zone is at 1.37800.

Look for short-term selling opportunities of GBP/USD if it bounces off the support zone of 1.40000.

USD/CAD Outlook (01 March 2021)

Overall, USD/CAD is trending downwards. Recently, USD/CAD broke the resistance zone of 1.26100.

The Canadian manufacturing PMI data (Forecast: NA, Previous: 54.4) will be released later at 2230 (SGT).

Currently, USD/CAD is testing to break below the key level of 1.27. Its next support zone is at 1.26100 and the next resistance zone of 1.28500.

Look for short-term buying opportunities of USD/CAD if it bounces up the key level of 1.27.

GBP/JPY Outlook (01 March 2021)

Overall, GBP/JPY is trending upwards. Recently, GBP/JPY bounced off the support zone of 147.800.

GBP/JPYs next support zone is at 147.800 and the next resistance zone is at 149.800.

Look for buying opportunities of GBP/JPY.

EUR/JPY Outlook (01 March 2021)

Overall, EUR/JPY is trending upwards. Recently, EUR/JPY breaks below the key level of 129.

The French preliminary CPI m/m released last Friday indicated a decline in inflation in February while the GDP q/q data released indicated a continued contraction in the economy during the fourth quarter of 2020.

- French Preliminary CPI m/m (Actual: -0.1%, Forecast: -0.3%, Previous: 0.2%)

- French Preliminary GDP q/q (Actual: -1.4%, Forecast: -1.3%, Previous: -1.3%)

European Central Bank President Lagarde will be speaking at a virtual conference tomorrow at 1210 (SGT).

During this time, there may be volatility in EUR.

Currently, EUR/JPY is testing to break above the key level of 129. Its next support zone is at 127.150 and the next resistance zone is at 129.500.

Look for short-term selling opportunities of EUR/JPY if it bounces down from the key level of 129.