Daily Forex Analysis - 22 March 2021

USD Overview (22 March 2021)

Last Friday, USD strengthened against most major currencies except JPY.

Federal Reserve Chairman Jerome Powell will be speaking later at 2100 (SGT).

During this time, there may be volatility in USD.

NZD/USD Outlook (22 March 2021)

Overall, NZD/USD is ranging across.

The New Zealand Westpac Consumer Sentiment data (Actual: 105.2, Forecast: NA, Previous: 106.0) released earlier today indicated continued optimism in the economic situation from the surveyed consumers.

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

Look for selling opportunities of NZD/USD.

AUD/USD Outlook (22 March 2021)

Overall, AUD/USD is ranging across.

AUD/USDs next support zone is at 0.76000 and the next resistance zone is at 0.78000.

Look for selling opportunities of AUD/USD.

USD/JPY Outlook (22 March 2021)

Overall, USD/JPY is trending upwards.

Currently, USD/JPY is testing the resistance zone of 109.000 and the next support zone is at 106.000.

If USD/JPY bounces off the resistance zone of 109.000, look for short-term selling opportunities.

EUR/USD Outlook (22 March 2021)

Overall, EUR/USD is trending downwards.

Currently, EUR/USD is moving towards the key level of 1.19. Its next support zone is at 1.17900 and the next resistance zone is at 1.19700.

If EUR/USD breaks below the key level of 1.19, look for selling opportunities of EUR/USD.

GBP/USD Outlook (22 March 2021)

Overall, GBP/USD is ranging across. Recently GBP/USD broke below the key level of 1.39.

GBP/USDs next support zone is at 1.37800 and the next resistance zone is at 1.40000.

Look for selling opportunities of GBP/USD.

USD/CAD Outlook (22 March 2021)

Overall, USD/CAD is trending downwards.

The Canadian retail sales m/m data released last Friday indicated a continued decline in consumer spending in January. Back then, COVID-19 restrictions were reimposed to curb the resurgence, thus directly affecting retail sales.

- Core Retail Sales m/m (Actual: -1.2%, Forecast: -2.8%, Previous: -3.9% revised from -4.1%)

- Retail Sales m/m (Actual: -1.1%, Forecast: -3.0%, Previous: -3.7% revised from -3.4%)

Currently, USD/CAD is moving towards the key level of 1.25. Its next support zone is at 1.23800 and the next resistance zone is at 1.26100.

Look for short-term buying opportunities of USD/CAD if it bounces up from the key level of 1.25.

GBP/JPY Outlook (22 March 2021)

Overall, GBP/JPY is trending upwards. Recently, GBP/JPY broke below the key level of 151.

GBP/JPYs next support zone is at 149.800 and the next resistance zone is at 152.600.

Look for short-term selling opportunities of GBP/JPY.

EUR/JPY Outlook (22 March 2021)

Overall, EUR/JPY is trending upwards. Recently, EUR/JPY gapped downwards, breaking the support zone of 129.500.

Currently, EUR/JPY is testing the resistance zone of 129.500 and the next support zone is at 127.150.

Look for selling opportunities of EUR/JPY if it rejects the resistance zone of 129.500.