Daily Forex Analysis - 30 March 2021

USD Overview (30 March 2021)

Yesterday, USD strengthened against most major currencies except NZD.

It was reported the Biden administration has come up with an initial draft of infrastructure proposal, calling for $3 trillion in spending and $1 trillion in tax hikes.

The Conference Board Consumer Confidence data (Forecast: 96.9, Previous: 91.3) will be released later at 2200 (SGT).

NZD/USD Outlook (30 March 2021)

Overall, NZD/USD is trending downwards.

The New Zealand Building Consents m/m data (Actual: -18.2%, Forecast: NA, Previous: 1.5% revised from 2.1%) released earlier today indicated a strong decline in the number of building approvals issued.

Currently, NZD/USD is testing to break above the key level of 0.70. Its next support zone is at 0.67900 and the next resistance zone is at 0.71000.

Look for selling opportunities of NZD/USD if it bounces down from the key level of 0.70.

AUD/USD Outlook (30 March 2021)

Overall, AUD/USD is trending downwards.

Yesterday, Greater Brisbane in Australia started a three-day lockdown after 10 new COVID-19 cases were recorded.

The Australian Building Approvals m/m data (Forecast: 2.9%, Previous: -19.4%) will be released tomorrow at 0830 (SGT).

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

Look for selling opportunities of AUD/USD if it breaks the support zone of 0.76000.

USD/JPY Outlook (30 March 2021)

Overall, USD/JPY is trending upwards.

The Japanese Unemployment Rate data (Actual: 2.9%, Forecast: 3.0%, Previous: 2.9%) released earlier today indicated no change in jobless rate in February as compared to January.

Also, the Japanese Retail Sales y/y data (Actual: -1.5%, Forecast: -2.7%, Previous: -2.4%) released indicated a slowdown in the decline of consumer spending in February.

Currently, USD/JPY is moving towards the resistance zone of 110.200 and the next support zone is at 108.500.

Look for buying opportunities of USD/JPY.

EUR/USD Outlook (30 March 2021)

Overall, EUR/USD is trending downwards.

The German Preliminary CPI m/m data (Forecast: 0.5%, Previous: 0.7%) will be released today.

Currently, EUR/USD is testing the support zone of 1.17900 and the next resistance zone is at 1.19700.

Look for selling opportunities of EUR/USD if it breaks the support zone of 1.17900.

GBP/USD Outlook (30 March 2021)

Overall, GBP/USD is trending downwards.

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

Look for selling opportunities of GBP/USD if it rejects the resistance zone of 1.37800.

USD/CAD Outlook (30 March 2021)

Overall, USD/CAD is ranging across.

Currently, USD/CAD is testing the resistance zone of 1.26100 and the next support zone is at 1.23800.

Look for selling opportunities of USD/CAD if it rejects the resistance zone of 1.26100.

GBP/JPY Outlook (30 March 2021)

Overall, GBP/JPY is ranging across. Recently, GBP/JPY bounced up from the key level of 151.

The Japanese Unemployment Rate data (Actual: 2.9%, Forecast: 3.0%, Previous: 2.9%) released earlier today indicated no change in jobless rate in February as compared to January.

Also, the Japanese Retail Sales y/y data (Actual: -1.5%, Forecast: -2.7%, Previous: -2.4%) released indicated a slowdown in the decline of consumer spending in February.

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

Look for selling opportunities of GBP/JPY.

EUR/JPY Outlook (30 March 2021)

Overall, EUR/JPY is ranging across. Recently, EUR/JPY bounced up from the key level of 129.

The Japanese Unemployment Rate data (Actual: 2.9%, Forecast: 3.0%, Previous: 2.9%) released earlier today indicated no change in jobless rate in February as compared to January.

Also, the Japanese Retail Sales y/y data (Actual: -1.5%, Forecast: -2.7%, Previous: -2.4%) released indicated a slowdown in the decline of consumer spending in February.

The German Preliminary CPI m/m data (Forecast: 0.5%, Previous: 0.7%) will be released today.

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

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