Daily Forex Analysis - 17th May 2021

USD Overview (17 May 2021)

Last Friday, USD weakened against all major currencies.

The Retail Sales m/m data released last Friday indicated no change in consumer spending in April. Omitting automobiles, consumer spending declined.

- Core Retail Sales m/m (Actual: 0.0%, Forecast: 0.5%, Previous: 10.7% revised from 8.4%)

- Retail Sales m/m (Actual: -0.8%, Forecast: 1.0%, Previous: 9.0 revised from 9.8%)

The Preliminary UoM Consumer Sentiment data (Actual: 82.8, Forecast: 90.2, Previous: 88.3 revised from 86.5) released last Friday indicated a decline in the surveyed respondents view on the current and future economic conditions.

Several FOMC committee members will be speaking later from 2205 (SGT) onwards. During this time, there may be volatility in USD.

NZD/USD Outlook (17 May 2021)

Overall, NZD/USD is ranging across. Recently, NZD/USD trended upwards and broke above the key level of 0.72 after the release of the poor U.S. retail sales data.

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

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

AUD/USD Outlook (17 May 2021)

Overall, AUD/USD is ranging across. Recently, AUD/USD bounced up from the key level of 0.77 and trended upwards after the release of the poor U.S. retail sales data.

The Reserve Bank of Australia (RBA) will be releasing the minutes for the previous monetary policy meeting tomorrow at 0930 (SGT).

AUD/USDs next support zone is at 0.77500 and the next resistance zone is at 0.78000.

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

USD/JPY Outlook (17 May 2021)

Overall, USD/JPY is trending upwards.

The Japanese Preliminary GDP q/q data (Forecast: -1.2%, Previous: 2.8% revised from 3.0%) will be released tomorrow at 0750 (SGT).

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

Look for buying opportunities of USD/JPY.

EUR/USD Outlook (17 May 2021)

Overall, EUR/USD is trending upwards. Recently, EUR/USD trended into the resistance zone of 1.21500 after the release of the poor U.S. retail sales data.

Currently, EUR/USD is testing 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 above the resistance zone of 1.21500.

GBP/USD Outlook (17 May 2021)

Overall, GBP/USD is trending upwards. Recently, GBP/USD trended up into the key level of 1.41 after the release of the poor U.S. retail sales data.

Several Bank of England committee members will be speaking later from 2215 (SGT) onwards. During this time, there may be volatility in GBP.

Currently, GBP/USD is testing to break above the key level of 1.41. Its next support zone is at 1.40000 and the next resistance zone is at 1.43500.

Look for buying opportunities of GBP/USD if it breaks above the key level of 1.41.

USD/CAD Outlook (17 May 2021)

Overall, USD/CAD is trending downwards. Recently, USD/CAD trended into the support zone of 1.21000 after the release of the poor U.S. retail sales data.

The Canadian Housing Starts data (Forecast: 305K, Previous: 335K) will be released later at 2015 (SGT).

Currently, USD/CAD is testing the support zone of 1.21000 and the next resistance zone is at 1.22400.

Look for short-term buying opportunities of USD/CAD if it bounces off the support zone of 1.21000.

GBP/JPY Outlook (17 May 2021)

Overall, GBP/JPY is trending upwards. Recently, GBP/JPY broke above the key level of 154.

Several Bank of England committee members will be speaking later from 2215 (SGT) onwards. During this time, there may be volatility in GBP.

GBP/JPYs next support zone is at 153.000 and the next resistance zone is at 155.000.

Look for buying opportunities of GBP/JPY.

EUR/JPY Outlook (17 May 2021)

Overall, EUR/JPY is trending upwards. Recently, EUR/JPY trended into the resistance zone of 132.800.

Currently, EUR/JPY is testing the resistance zone of 132.800 and the next support zone is at 130.800.

Look for buying opportunities of EUR/JPY if it breaks the resistance zone of 132.800.