Daily Forex Analysis - 7 April 2021

USD Overview (07 April 2021)

Yesterday, USD weakened against most major currencies except for GBP and CAD.

The Federal Reserve will be releasing the minutes for the previous monetary policy meeting tomorrow at 0200 (SGT).

NZD/USD Outlook (07 April 2021)

Overall, NZD/USD is trending downwards.

The New Zealand Preliminary ANZ Business Confidence data (Forecast: NA, Previous: -4.1 revised from 0.0) will be released tomorrow at 0800 (SGT).

NZD/USDs next support zone is at 0.69500 and the next resistance zone is at 0.71000.

Look for selling opportunities of NZD/USD.

AUD/USD Outlook (07 April 2021)

Overall, AUD/USD is trending downwards.

During the monetary policy meeting yesterday, the Reserve Bank of Australia held its monetary policy unchanged. The central bank estimated that the targeted employment and inflation levels will only be hit earliest in 2024.

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

Look for selling opportunities of AUD/USD.

USD/JPY Outlook (07 April 2021)

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

USD/JPYs next support zone is at 108.500 and the next resistance zone is at 110.200.

Look for selling opportunities of USD/JPY.

EUR/USD Outlook (07 April 2021)

Overall, EUR/USD is trending downwards. Recently, EUR/USD broke the resistance zone of 1.17900.

The eurozone Unemployment Rate data (Actual: 8.3%, Forecast: 8.1%, Previous: 8.3% revised from 8.1%) released yesterday indicated no change in unemployment in February.

EUR/USDs next support zone is at 1.17900 and the next resistance zone is at 1.19700.

Look for short-term buying opportunities of EUR/USD.

GBP/USD Outlook (07 April 2021)

Overall, GBP/USD is ranging across. Recently, GBP/USD bounced off the support zone of 1.38000.

The UK final services PMI data (Forecast: 56.8, Previous: 56.8) will be released later at 1630 (SGT).

Currently, GBP/USD is moving towards the support zone of 1.38000 and the next resistance zone is at 1.40000.

Look for buying opportunities of GBP/USD if it bounces off the support zone of 1.38000.

USD/CAD Outlook (07 April 2021)

Overall, USD/CAD is ranging across.

The Canadian Ivey PMI data (Forecast: 62.0, Previous: 60.0) will be released later at 2200 (SGT).

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

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

GBP/JPY Outlook (07 April 2021)

Overall, GBP/JPY is trending upwards. Recently, GBP/JPY broke the support zone of 152.600.

The UK final services PMI data (Forecast: 56.8, Previous: 56.8) will be released later at 1630 (SGT).

GBP/JPYs next support zone is at 151.000 and the next resistance zone is at 153.000.

Look for selling opportunities of GBP/JPY.

EUR/JPY Outlook (07 April 2021)

Overall, EUR/JPY is ranging across. Recently, EUR/JPY rejected the resistance zone of 130.500.

The eurozone Unemployment Rate data (Actual: 8.3%, Forecast: 8.1%, Previous: 8.3% revised from 8.1%) released yesterday indicated no change in unemployment in February.

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.