Daily Forex Analysis - 3th June 2021

USD Overview (03 June 2021)

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

The IHS Markit Final Services PMI data (Forecast: 70.1, Previous: 70.1) will be released later at 2145 (GMT+8).

Also, the ISM Services PMI data (Forecast: 63.0, Previous: 62.7) will be released later at 2200 (GMT+8).

FOMC members Bostic and Quarles will be speaking tomorrow at 1230 (GMT+8) and 0305 (GMT+8) respectively. During this time, there may be volatility in USD.

NZD/USD Outlook (03 June 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 short-term buying opportunities of NZD/USD.

AUD/USD Outlook (03 June 2021)

Overall, AUD/USD is ranging across.

The Australian GDP q/q data (Actual: 1.8%, Forecast: 1.1%, Previous: 3.2% revised from 3.1%) released yesterday indicated a slowdown in economic growth during the first quarter of 2021 from the previous quarter.

The Australian Retail Sales m/m data (Forecast: 1.1%, Previous: 1.1%) will be released later at 0930 (GMT+8).

AUD/USDs next support zone is at 0.75500 and the next resistance zone is at 0.78000.

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

USD/JPY Outlook (03 June 2021)

Overall, USD/JPY is ranging across.

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 (03 June 2021)

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

The eurozone Final Services PMI data (Forecast: 55.2, Previous: 55.1) will be released later at 1600 (GMT+8).

EUR/USDs next support zone is at 1.21500 and the next resistance zone is at 1.23200.

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

GBP/USD Outlook (03 June 2021)

Overall, GBP/USD is trending upwards.

The UK Final Services PMI data (Forecast: 61.8, Previous: 61.8) will be released later at 1630 (GMT+8).

Bank of England (BoE) Governor Bailey will be speaking tomorrow at 0000 (GMT+8). During this time, there may be volatility in GBP.

Currently, GBP/USD is moving towards 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 bounces down from the key level of 1.42.

USD/CAD Outlook (03 June 2021)

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

The Canadian Building Permits m/m data (Actual: -0.5%, Forecast: -5.2%, Previous: 7.6% revised from 5.7%) released yesterday indicated a slight decline in the number of building approvals issued in April.

USD/CADs next support zone is at 1.19000 and the next resistance zone is at 1.21000.

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

GBP/JPY Outlook (03 June 2021)

Overall, GBP/JPY is trending upwards.

The UK Final Services PMI data (Forecast: 61.8, Previous: 61.8) will be released later at 1630 (GMT+8).

Bank of England (BoE) Governor Bailey will be speaking tomorrow at 0000 (GMT+8). During this time, there may be volatility in GBP.

Currently, GBP/JPY is testing the support zone of 155.000 and the next resistance zone is at 157.000.

Look for short-term buying opportunities of GBP/JPY if it fails to break the support zone of 155.000.

EUR/JPY Outlook (03 June 2021)

Overall, EUR/JPY is trending upwards.

The eurozone Final Services PMI data (Forecast: 55.2, Previous: 55.1) will be released later at 1600 (GMT+8).

Currently, EUR/JPY is moving towards the key level of 134. Its 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 if it bounces down from the key level of 134.