Daily Forex Analysis - 14 April 2021

USD Overview (14 April 2021)

Yesterday, USD weakened against all major currencies.

The CPI m/m data released yesterday indicated a higher-than-expected increase in inflation in March.

- CPI m/m (Actual: 0.6%, Forecast: 0.5%, Previous: 0.4%)

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

Federal Reserve Chairman Powell will be speaking tomorrow at the Economic Club of Washington at 0000 (SGT).

During this time, there may be volatility in USD.

NZD/USD Outlook (14 April 2021)

Overall, NZD/USD is trending downwards. Recently, NZD/USD bounced up from the key level of 0.70.

Earlier today during its monetary policy meeting, the Reserve Bank of New Zealand (RBNZ) held its monetary policy and interest rate unchanged.

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

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

AUD/USD Outlook (14 April 2021)

Overall, AUD/USD is ranging across. Recently, AUD/USD bounced up from the key level of 0.76.

The Australian Westpac Consumer Sentiment data (Actual: 6.2%, Forecast: NA, Previous: 2.6%) released earlier today indicated an increase in consumers‘ level of optimism on Australia’s economic conditions. The level of optimism soared to an 11-year high.

The jobs report will be released tomorrow at 0930 (SGT).

- Employment Change (Forecast: 35.2K, Previous: 88.7K)

- Unemployment Rate (Forecast: 5.7%, Previous: 5.8%)

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

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

USD/JPY Outlook (14 April 2021)

Overall, USD/JPY is ranging across. Recently, USD/JPY trended downwards, breaking below the key level of 109.

USD/JPYs next support zone is at 108.500 and the next resistance zone is at 110.800.

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

EUR/USD Outlook (14 April 2021)

Overall, EUR/USD is ranging across. Recently, EUR/USD trended into the resistance zone of 1.19700.

The eurozone and German ZEW economic sentiment data released yesterday indicated a decline in the level of optimism on the eurozone and German economy.

- Eurozone ZEW Economic Sentiment (Actual: 66.3, Forecast: 77.2, Previous: 74.0)

- German ZEW Economic Sentiment (Actual: 70.7, Forecast: 79.1, Previous: 76.6)

European Central Bank President Christine Lagarde will be speaking at an online event later at 2200 (SGT).

During this time, there may be volatility in EUR.

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

Look for selling opportunities of EUR/USD if it rejects the resistance zone of 1.19700.

GBP/USD Outlook (14 April 2021)

Overall, GBP/USD is ranging across. Recently, GBP/USD bounced up from the key level of 1.37.

The UK GDP m/m data (Actual: 0.4%, Forecast: 0.5%, Previous: -2.2% revised from -2.9%) released yesterday indicated a recovery in economic growth in February as UK companies were preparing for the easing of COVID-19 lockdown.

Currently, GBP/USD is moving towards the resistance zone of 1.38000 and the next support zone is at 1.36000.

Look for selling opportunities of GBP/USD if it bounces off the resistance zone of 1.38000.

USD/CAD Outlook (14 April 2021)

Overall, USD/CAD is trending upwards. Recently, USD/CAD rejected the resistance zone of 1.26100.

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

Look for selling opportunities of USD/CAD.

GBP/JPY Outlook (14 April 2021)

Overall, GBP/JPY is ranging across. Recently, GBP/JPY bounced off the resistance zone of 151.000 and broke below the key level of 150.

The UK GDP m/m data (Actual: 0.4%, Forecast: 0.5%, Previous: -2.2% revised from -2.9%) released yesterday indicated a recovery in economic growth in February as UK companies were preparing for the easing of COVID-19 lockdown.

Currently, GBP/JPY is moving towards the key level of 150. Its next support zone is at 148.900 and the next resistance zone is at 151.000.

Look for selling opportunities of GBP/JPY if it bounces down from the key level of 150.

EUR/JPY Outlook (14 April 2021)

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

The eurozone and German ZEW economic sentiment data released yesterday indicated a decline in the level of optimism on the eurozone and German economy.

- Eurozone ZEW Economic Sentiment (Actual: 66.3, Forecast: 77.2, Previous: 74.0)

- German ZEW Economic Sentiment (Actual: 70.7, Forecast: 79.1, Previous: 76.6)

European Central Bank President Christine Lagarde will be speaking at an online event later at 2200 (SGT).

During this time, there may be volatility in EUR.

Currently, EUR/JPY is bouncing up from the key level of 130. Its next support zone is at 128.500 and the next resistance zone is at 130.500.

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