Daily Forex Analysis - 14th May 2021

USD Overview (14 May 2021)

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

The Unemployment Claims data (Actual: 473K, Forecast: 487K, Previous: 507K revised from 498K) released yesterday indicated continued decline in the number of people claiming for unemployment benefit in April. Unemployment claims also fell to the lowest level since 14 March 2020, the period when the pandemic started.

The Retail Sales m/m data will be released later 2030 (SGT).

- Core Retail Sales m/m (Forecast: 0.5%, Previous: 8.4%)

- Retail Sales m/m (Forecast: 1.0%, Previous: 9.8%)

The Preliminary UoM Consumer Sentiment data (Forecast: 90.2, Previous: 88.3 revised from 86.5) will be released later at 2200 (SGT).

NZD/USD Outlook (14 May 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 selling opportunities of NZD/USD.

AUD/USD Outlook (14 May 2021)

Overall, AUD/USD is ranging across. Recently, AUD/USD bounced up from the key level of 0.77.

Currently, AUD/USD is moving towards the key level of 0.77. Its next support zone is at 0.77500 and the next resistance zone is at 0.78000.

Look for selling opportunities of AUD/USD if it breaks below the key level of 0.77.

USD/JPY Outlook (14 May 2021)

Overall, USD/JPY is trending upwards.

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

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

EUR/USD Outlook (14 May 2021)

Overall, EUR/USD is trending upwards. Recently, EUR/USD bounced down from the key level of 1.21.

The European Central Bank (ECB) will be releasing the minutes for the previous monetary policy meeting later at 1930 (SGT).

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

Look for selling opportunities of EUR/USD.

GBP/USD Outlook (14 May 2021)

Overall, GBP/USD is trending upwards. Recently, GBP/USD bounced off the support zone of 1.40000.

During his speech yesterday, Bank of England (BoE) Governor Bailey said that with the growing level of optimism, if the central banks forecasts were to hold, the UK economy will recover back to the pre-COVID levels by the end of this year. Governor Bailey also highlighted that higher inflation is unlikely going to persist.

GBP/USDs next support zone is at 1.40000 and the next resistance zone is at 1.43500.

Look for buying opportunities of GBP/USD.

USD/CAD Outlook (14 May 2021)

Overall, USD/CAD is trending downwards. Recently, USD/CAD bounced off the support zone of 1.21000.

During his speech yesterday, Bank of Canada (BoC) Governor Macklem highlighted that inflation is Canada is expected to hit the 3% level in the near future. He also highlighted the concern of a stronger Canadian dollar, saying that it will become an issue for export forecasts.

USD/CADs next support zone is at 1.21000 and the next resistance zone is at 1.22400.

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

GBP/JPY Outlook (14 May 2021)

Overall, GBP/JPY is trending upwards.

During his speech yesterday, Bank of England (BoE) Governor Bailey said that with the growing level of optimism, if the central banks forecasts were to hold, the UK economy will recover back to the pre-COVID levels by the end of this year. Governor Bailey also highlighted that higher inflation is unlikely going to persist.

Currently, GBP/JPY moving towards the key level of 154. Its next support zone is at 153.000 and the next resistance zone is at 155.000.

Look for buying opportunities of GBP/JPY if it breaks above the key level of 154.

EUR/JPY Outlook (14 May 2021)

Overall, EUR/JPY is trending upwards. Recently, EUR/JPY bounced off the resistance zone of 132.800.

The European Central Bank (ECB) will be releasing the minutes for the previous monetary policy meeting later at 1930 (SGT).

EUR/JPYs next support zone is at 130.800 and the next resistance zone is at 132.800.

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