Daily Forex Analysis - 6 April 2021

USD Overview (06 April 2021)

Yesterday, USD weakened against all major currencies.

The ISM Services PMI data (Actual: 63.7, Forecast: 58.3, Previous: 55.3) released yesterday indicated that the services sector expanded at its fastest pace since the COVID-19 pandemic hits.

NZD/USD Outlook (06 April 2021)

Overall, NZD/USD is trending downwards.

NZD/USDs next support zone is at 0.67900 and the next resistance zone is at 0.71000.

Look for selling opportunities of NZD/USD.

AUD/USD Outlook (06 April 2021)

Overall, AUD/USD is trending downwards.

The Reserve Bank of Australia will be announcing their monetary policy decision later 1230 (SGT). The central bank is expected to keep monetary policy unchanged. Nonetheless, pay attention to the rate statement on the RBAs view on providing further support to the jobs market since the Australian government is planning to end the JobKeepers program this month.

AUD/USDs next support zone is at 0.75500 and the next resistance zone is at 0.78000.

If the RBA is dovish on the outlook of the Australian economy, look for selling opportunities of AUD/USD.

USD/JPY Outlook (06 April 2021)

Overall, USD/JPY is trending upwards. Recently, USD/JPY trended into the support zone of 110.200.

Currently, USD/JPY is testing the support zone of 110.200 and the next resistance zone is at 112.000.

Look for selling opportunities of USD/JPY if it breaks the support zone of 110.200.

EUR/USD Outlook (06 April 2021)

Overall, EUR/USD is trending downwards.

The eurozone Unemployment Rate data (Forecast: 8.1%, Previous: 8.1%) will be released later at 1700 (SGT).

Currently, EUR/USD is testing the resistance zone of 1.17900 and the next support zone is at 1.16300.

Look for short-term buying opportunities of EUR/USD if it breaks the resistance zone of 1.17900.

GBP/USD Outlook (06 April 2021)

Overall, GBP/USD is ranging across. Recently, GBP/USD trended up into the key level of 1.39.

Currently, GBP/USD is hovering around the key level of 1.39. Its next support zone is at 1.38000 and the next resistance zone is at 1.40000.

Look for buying opportunities of GBP/USD if it breaks above the key level of 1.39.

USD/CAD Outlook (06 April 2021)

Overall, USD/CAD is ranging across. Recently, USD/CAD bounced up from the key level of 1.25.

USD/CADs next support zone is at 1.23800 and the next resistance zone is at 1.26100.

Look for buying opportunities of USD/CAD.

GBP/JPY Outlook (06 April 2021)

Overall, GBP/JPY is trending upwards. Recently, GBP/JPY broke above the key level of 153.

GBP/JPYs next support zone is at 152.600 and the next resistance zone is at 155.000.

Look for buying opportunities of GBP/JPY.

EUR/JPY Outlook (06 April 2021)

Overall, EUR/JPY is ranging across. Recently, EUR/JPY bounced up from the key level of 130.

The eurozone Unemployment Rate data (Forecast: 8.1%, Previous: 8.1%) will be released later at 1700 (SGT).

Currently, EUR/JPY is moving towards the resistance zone of 130.500 and the next support zone is at 128.500.

Look for buying opportunities of EUR/JPY if it breaks the resistance zone of 130.500.