Daily Forex Analysis - 31th May 2021

USD Overview (31 May 2021)

Last Friday, USD strengthened against all major currencies.

U.S. banks will be closed today in observance of Memorial Day. Expect lower trading volume and volatility during the usual U.S. market session.

NZD/USD Outlook (31 May 2021)

Overall, NZD/USD is ranging across. Recently, NZD/USD rejected the resistance zone of 0.72850.

The New Zealand Building Consents m/m data (Forecast: NA, Previous: 17.9%) will be released tomorrow at 0645 (GMT+8).

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

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

AUD/USD Outlook (31 May 2021)

Overall, AUD/USD is ranging across. Recently, AUD/USD broke below the key level of 0.77.

The Australian Building Approvals m/m data (Forecast: -10.1%, Previous: 17.4%) will be released tomorrow at 0930 (GMT+8).

Currently, AUD/USD is testing to break above the key level of 0.77. Its next support zone is at 0.75500 and the next resistance zone is at 0.78000.

Look for selling opportunities of AUD/USD if it fails to break above the key level of 0.77.

USD/JPY Outlook (31 May 2021)

Overall, USD/JPY is trending upwards.

The Japanese Retail Sales y/y data (Actual: 12.0%, Forecast: 15.4%, Previous: 5.2%) released earlier today indicated a strong increase in annual consumer spending in April although the result fell short of expectation.

The Japanese Consumer Confidence data (Forecast: 33.2, Previous: 34.7) will be released later at 1300 (GMT+8).

Also, the Japanese Housing Starts y/y data (Forecast: 4.9%, Previous: 1.5%) will be released at the same time.

Currently, USD/JPY is moving towards the key level of 110. 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 110.

EUR/USD Outlook (31 May 2021)

Overall, EUR/USD is trending upwards. Recently, EUR/USD bounced off the support zone of 1.21500.

The German Preliminary CPI m/m data (Forecast: 0.3%, Previous: 0.7%) will be released today at a tentative timing.

Currently, EUR/USD is bouncing down from the key level of 1.22. Its next support zone is at 1.21500 and the next resistance zone is at 1.23200.

Look for buying opportunities of EUR/USD if it breaks above the key level of 1.22.

GBP/USD Outlook (31 May 2021)

Overall, GBP/USD is trending upwards. Recently, GBP/USD bounced down from the key level of 1.42.

UK banks will be closed today in observance of Spring Bank Holiday. Expected lower trading volume and volatility during the usual London market session.

Currently, GBP/USD is testing to break above the key level of 1.42. Its next support zone is at 1.40000 and the next resistance zone is at 1.43500.

Look for short-term selling opportunities of GBP/USD if it bounced down from the key level of 1.42.

USD/CAD Outlook (31 May 2021)

Overall, USD/CAD is trending downwards.

Currently, USD/CAD is testing the resistance zone of 1.21000 and the next support zone is at 1.19000.

Look for short-term buying opportunities of USD/CAD if it breaks the resistance zone of 1.21000.

GBP/JPY Outlook (31 May 2021)

Overall, GBP/JPY is trending upwards. Recently, GBP/JPY bounced down from the key level of 156.

UK banks will be closed today in observance of Spring Bank Holiday. Expected lower trading volume and volatility during the usual London market session.

Currently, GBP/JPY is moving towards the key level of 156. Its next support zone is at 155.000 and the next resistance zone is at 157.000.

Look for short-term selling opportunities of GBP/JPY if it fails to break above the key level of 156.

EUR/JPY Outlook (31 May 2021)

Overall, EUR/JPY is trending upwards. Recently, EUR/JPY bounced down from the key level of 134.

The German Preliminary CPI m/m data (Forecast: 0.3%, Previous: 0.7%) will be released today at a tentative timing.

EUR/JPYs next support zone is at 132.800 and the next resistance zone is at 134.300.

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