Daily Forex Analysis - 10th June 2021

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

The CPI m/m data will be released later at 2030 (GMT+8).

- CPI m/m (Forecast: 0.4%, Previous: 0.8%)

- Core CPI m/m (Forecast: 0.5%, Previous: 0.9%)

NZD/USD Outlook (10 June 2021)

Overall, NZD/USD is ranging across. Recently, NZD/USD broke below the key level of 0.72.

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 (10 June 2021)

Overall, AUD/USD is ranging across.

The Australian MI Inflation Expectations data (Actual: 4.4%, Forecast: NA, Previous: 3.5%) released earlier today indicated an increase in the expectation of future inflation.

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

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

USD/JPY Outlook (10 June 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 (10 June 2021)

Overall, EUR/USD is ranging across. Recently, EUR/USD tested but failed to break above the key level of 1.22.

The European Central Bank (ECB) will be announcing its monetary policy decision later at 1945 (GMT+8). It is expected that the central bank will be holding policy unchanged. During the previous meeting, the ECB highlighted that it is expecting quantitative easing under the Pandemic Emergency Purchase Programme (PEPP) to increase in the upcoming months. Thus, pay attention to whether the central bank is still planning to carry on with the increase since the COVID situation since the previous meeting has improved.

A press conference will also be held at 2030 (GMT+8). During this time, volatility is expected in EUR.

Currently, EUR/USD is moving towards the support zone of 1.21500 and the next resistance zone is at 1.23200.

Look for buying opportunities of EUR/USD if it bounces up from the support zone of 1.21500.

GBP/USD Outlook (10 June 2021)

Overall, GBP/USD is ranging across. Recently, GBP/USD weakened after the EU threatened to take retaliatory actions on the UK for the latters refusal to implement post-Brexit trading arrangements in Northern Ireland.

Bank of England committee member Haldane will be speaking later at 2005 (GMT+8). During this time, there may be volatility in GBP.

Currently, GBP/USD is moving towards 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 short-term selling opportunities of GBP/USD if it breaks below the key level of 1.41.

USD/CAD Outlook (10 June 2021)

Overall, USD/CAD is ranging across.

During the monetary policy meeting yesterday, the Bank of Canada (BoC) held policy unchanged. The central bank acknowledged that economic growth during the first quarter was robust despite the second wave of the virus. However, the return of lockdowns due to a third wave are affecting negatively on economic activities. Nonetheless, the BoC remains optimistic in a strong economic rebound as vaccinations are administered at a faster pace and lockdown restrictions are likely going to be eased.

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 (10 June 2021)

Overall, GBP/JPY is trending upwards. Recently, GBP/JPY weakened after the EU threatened to take retaliatory actions on the UK for the latters refusal to implement post-Brexit trading arrangements in Northern Ireland.

Bank of England committee member Haldane will be speaking later at 2005 (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 selling opportunities of GBP/JPY if it breaks the support zone of 155.000.

EUR/JPY Outlook (10 June 2021)

Overall, EUR/JPY is trending upwards.

The European Central Bank (ECB) will be announcing its monetary policy decision later at 1945 (GMT+8). It is expected that the central bank will be holding policy unchanged. During the previous meeting, the ECB highlighted that it is expecting quantitative easing under the Pandemic Emergency Purchase Programme (PEPP) to increase in the upcoming months. Thus, pay attention to whether the central bank is still planning to carry on with the increase since the COVID situation since the previous meeting has improved.

A press conference will also be held at 2030 (GMT+8). During this time, volatility is expected in EUR.

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

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