Daily Forex Analysis - 16 April 2021

USD Overview (16 April 2021)

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

The retail sales data released yesterday indicated a strong recovery as consumers utilize the $1,400 stimulus check.

- Core Retail Sales m/m (Actual: 8.4%, Forecast: 5.1%, Previous: -2.5% revised from -2.7%)

- Retail Sales m/m (Actual: 9.8%, Forecast: 5.8%, Previous: -2.7% revised from -3.0%)

The housing data will be released later at 2030 (SGT).

- Building Permits (Forecast: 1.75M, Previous: 1.72M revised from 1.68M)

- Housing Starts (Forecast: 1.60M, Previous: 1.42M)

The preliminary UoM Consumer Sentiment data (Forecast: 88.9, Previous: 84.9 revised from 83.0) will be released later at 2200 (SGT).

NZD/USD Outlook (16 April 2021)

Overall, NZD/USD is ranging across.

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

Look for buying opportunities of NZD/USD.

AUD/USD Outlook (16 April 2021)

Overall, AUD/USD is ranging across.

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 (16 April 2021)

Overall, USD/JPY is ranging across. Recently, USD/JPY bounced off the support zone of 108.500.

Currently, USD/JPY is moving towards the key level of 109. Its next support zone is at 108.500 and the next resistance zone is at 110.800.

Look for buying opportunities of USD/JPY if it breaks above the key level of 109.

EUR/USD Outlook (16 April 2021)

Overall, EUR/USD is ranging across.

The eurozone final CPI y/y data will be released later at 1700 (SGT).

- Final CPI y/y (Forecast: 1.3%, Previous: 1.3%)

- Final Core CPI y/y (Forecast: 0.9%, Previous: 0.9%)

ECOFIN and Eurogroup meetings will be held today. During these times, 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 (16 April 2021)

Overall, GBP/USD is ranging across.

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

Look for selling opportunities of GBP/USD.

USD/CAD Outlook (16 April 2021)

Overall, USD/CAD is trending upwards. 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 short-term buying opportunities of USD/CAD.

GBP/JPY Outlook (16 April 2021)

Overall, GBP/JPY is ranging across. Recently, GBP/JPY broke below the key level of 150.

GBP/JPYs next support zone is at 148.900 and the next resistance zone is at 151.000.

Look for selling opportunities of GBP/JPY.

EUR/JPY Outlook (16 April 2021)

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

The eurozone final CPI y/y data will be released later at 1700 (SGT).

- Final CPI y/y (Forecast: 1.3%, Previous: 1.3%)

- Final Core CPI y/y (Forecast: 0.9%, Previous: 0.9%)

ECOFIN and Eurogroup meetings will be held today. During this period, there may be volatility in EUR.

Currently, EUR/JPY is testing to break below the key level of 130. Its next support zone is at 128.500 and the next resistance zone is at 130.500.

Look for selling opportunities of EUR/JPY if it breaks below the key level of 130.