Daily Forex Analysis - 22th June 2021

USD Overview (22 June 2021)

Yesterday, USD weakened against most of the major currencies except JPY.

Federal Reserve committee member Daly will be speaking later at 2300 (GMT+8).

Also, Fed Chairman Powell will be testifying on the Feds emergency lending programs and current policies before the House Select Subcommittee on the Coronavirus Crisis tomorrow at 0200 (GMT+8).

During these times, volatility is expected in USD.

NZD/USD Outlook (22 June 2021)

Overall, NZD/USD is trending downwards. Recently, NZD/USD bounced down from the key level of 0.70.

The New Zealand Westpac Consumer Sentiment data (Actual: 107.1, Forecast: NA, Previous: 105.2) released earlier today indicated an increase in the level of optimism from the surveyed consumers on the relative level of the Australian economy.

Currently, NZD/USD is moving towards the support zone of 0.69500 and the next resistance zone is at 0.71000.

Look for short-term buying opportunities of NZD/USD if it breaks above the key level of 0.70.

AUD/USD Outlook (22 June 2021)

Overall, AUD/USD is trending downwards. Recently, AUD/USD moved into the resistance zone of 0.75500.

The Australian Retail Sales m/m data (Actual: 0.1%, Forecast: TBA. Previous: 1.1%) released yesterday indicated a slowdown in consumer spending mainly due to the fourth lockdown imposed of Victoria state that led to trade restrictions for physical stores.

The Australian Flash PMI data will be released tomorrow at 0700 (GMT+8).

- Flash Manufacturing PMI (Forecast: NA, Previous: 60.4 revised from 59.9)

- Flash Services PMI (Forecast: NA, Previous: 58.0 revised from 58.2)

Currently, AUD/USD is testing to break the resistance zone of 0.75500 and the next support zone is at 0.73900.

Look for short-term selling opportunities of AUD/USD if it fails to break the resistance zone of 0.75500.

USD/JPY Outlook (22 June 2021)

Overall, USD/JPY is trending upwards.

The Bank of Japan Core CPI y/y data (Forecast: 0.0%, Previous: -0.1%) will be released later at 1300 (GMT+8).

The Bank of Japan will be releasing the minutes for the previous monetary policy meeting tomorrow at 0750 (GMT+8).

The Japanese Flash Manufacturing PMI data (Forecast: 53.2, Previous: 53.0 revised 52.5) will be released tomorrow at 0830 (GMT+8).

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 (22 June 2021)

Overall, EUR/USD is trending downwards.

The eurozone Consumer Confidence data (Forecast: -4, Previous: -5) will be released later at 2200 (GMT+8).

EUR/USDs next support zone is at 1.17900 and the next resistance zone is at 1.19700.

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

GBP/USD Outlook (22 June 2021)

Overall, GBP/USD is trending downwards. Recently, GBP/USD bounced off the support zone of 1.38000.

Currently, GBP/USD is moving towards the key level of 1.39. Its next support zone is at 1.38000 and the next resistance zone is at 1.40000.

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

USD/CAD Outlook (22 June 2021)

Overall, USD/CAD is trending upwards. Recently, USD/CAD moved into the support zone of 1.23800.

Currently, USD/CAD is testing the support zone of 1.23800 and the next resistance zone is at 1.26100.

Look for buying opportunities of USD/CAD if it bounces off the support zone of 1.23800.

GBP/JPY Outlook (22 June 2021)

Overall, GBP/JPY is trending downwards. Recently, GBP/JPY moved into the resistance zone of 153.800.

Currently, GBP/JPY is bouncing off the resistance zone of 153.800 and the next support zone is at 151.000.

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

EUR/JPY Outlook (22 June 2021)

Overall, EUR/JPY is trending downwards.

The eurozone Consumer Confidence data (Forecast: -4, Previous: -5) will be released later at 2200 (GMT+8).

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.