Daily Forex Analysis - 30 April 2021

USD Overview (30 April 2021)

Yesterday, USD strengthened against most major currencies except GBP, CAD and CHF.

The Advance GDP q/q data (Actual: 6.4%, Forecast: 6.8%, Previous: 4.3% revised from 4.0%) released yesterday indicated an increase in the pace of economic growth during the first quarter of 2021 but fall short of expectation.

Also, the Unemployment Claims data (Actual: 553K, Forecast: 545K, Previous: 547K) released indicated a slight decrease in the number of people claiming for unemployment benefits last week.

The Revised UoM Consumer Sentiment data (Forecast: 87.3, Previous: 86.5) will be released later at 2200 (SGT).

NZD/USD Outlook (30 April 2021)

Overall, NZD/USD is trending upwards. Recently, NZD/USD bounced off the resistance zone of 0.72850.

Currently, NZD/USD is moving towards the resistance zone of 0.72850 and the next support zone is at 0.71000.

Look for buying opportunities of NZD/USD if it breaks the resistance zone of 0.72850.

AUD/USD Outlook (30 April 2021)

Overall, AUD/USD is trending upwards. Recently, AUD/USD rejected the resistance zone of 0.78000.

Currently, AUD/USD is testing the resistance zone of 0.78000 and the next support zone is at 0.75500.

Look for buying opportunities of AUD/USD if it breaks the resistance zone of 0.78000.

USD/JPY Outlook (30 April 2021)

Overall, USD/JPY is trending downwards. Recently, USD/JPY failed to break above the key level of 109.

The Japanese Unemployment Rate data (Actual: 2.6%, Forecast: 2.9%, Previous: 2.9%) released earlier today indicated a decline in unemployment in March.

Japanese banks will be closed next Monday in observance of Constitution Day. Expect lower trading volatility and volume during the usual Japanese market hours.

Currently, USD/JPY is moving the support zone of 108.500 and the next resistance zone is at 110.800.

Look for selling opportunities of USD/JPY if it breaks the support zone of 108.500.

EUR/USD Outlook (30 April 2021)

Overall, EUR/USD is trending upwards. Recently, EUR/USD rejected the resistance zone of 1.21500.

The German Preliminary CPI m/m data (Actual: 0.7%, Forecast: 0.5%, Previous: 0.5%) released yesterday indicated an increase in inflation in April.

The German Unemployment Change data (Actual: 9K, Forecast: -10K, Previous: -8K) released indicated an increase in unemployment.

The German Preliminary GDP q/q data (Forecast: -1.5%, Previous: 0.3% revised from 0.1%) will be released later at 1600 (SGT).

Also, the eurozone CPI, GDP and unemployment rate data will be released later at 1700 (SGT).

- CPI Flash Estimate y/y (Forecast: 1.6%, Previous 1.3%)

- Core CPI Flash Estimate y/y (Forecast: 0.8%, Previous 0.9%)

- Preliminary Flash GDP q/q (Forecast: -0.8%, Previous: -0.7%)

- Unemployment Rate (Forecast: 8.3%, Previous: 8.3%)

EUR/USDs is moving towards the resistance zone of 1.21500 and the next support zone is at 1.19700.

Look for buying opportunities of EUR/USD if it breaks the resistance zone of 1.21500.

GBP/USD Outlook (30 April 2021)

Overall, GBP/USD is ranging across.

GBP/USD next support zone is at 1.38000 and the next resistance zone is at 1.40000.

Look for buying opportunities of GBP/USD.

USD/CAD Outlook (30 April 2021)

Overall, USD/CAD is trending downwards. Recently, USD/CAD broke below the key level of 1.23.

The Canadian GDP m/m data (Forecast: 0.5%, Previous: 0.7%) will be released later at 2030 (SGT).

Currently, USD/CAD is moving towards the support zone of 1.22400 and the next resistance zone is at 1.23800.

Look for selling opportunities of USD/CAD if it breaks the support zone of 1.22400.

GBP/JPY Outlook (30 April 2021)

Overall, GBP/JPY is ranging across. Recently, GBP/JPY bounced down from the key level of 152.

The Japanese Unemployment Rate data (Actual: 2.6%, Forecast: 2.9%, Previous: 2.9%) released earlier today indicated a decline in unemployment in March.

Japanese banks will be closed next Monday in observance of Constitution Day. Expect lower trading volatility and volume during the usual Japanese market hours.

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

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

EUR/JPY Outlook (30 April 2021)

Overall, EUR/JPY is trending upwards. Recently, EUR/JPY failed to break above the key level of 132.

The Japanese Unemployment Rate data (Actual: 2.6%, Forecast: 2.9%, Previous: 2.9%) released earlier today indicated a decline in unemployment in March.

The German Preliminary CPI m/m data (Actual: 0.7%, Forecast: 0.5%, Previous: 0.5%) released yesterday indicated an increase in inflation in April.

The German Unemployment Change data (Actual: 9K, Forecast: -10K, Previous: -8K) released indicated an increase in unemployment.

The German Preliminary GDP q/q data (Forecast: -1.5%, Previous: 0.3% revised from 0.1%) will be released later at 1600 (SGT).

Also, the eurozone CPI, GDP and unemployment rate data will be released later at 1700 (SGT).

- CPI Flash Estimate y/y (Forecast: 1.6%, Previous 1.3%)

- Core CPI Flash Estimate y/y (Forecast: 0.8%, Previous 0.9%)

- Preliminary Flash GDP q/q (Forecast: -0.8%, Previous: -0.7%)

- Unemployment Rate (Forecast: 8.3%, Previous: 8.3%)

Japanese banks will be closed next Monday in observance of Constitution Day. Expect lower trading volatility and volume during the usual Japanese market hours.

Currently, EUR/JPY is bouncing down from the key level of 132. Its next support zone is at 130.800 and the next resistance zone is at 132.800.

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