Daily Forex Analysis - 23th June 2021

USD Overview (23 June 2021)

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

FOMC committee member Bowman will be speaking later at 2100 (GMT+8).

Also, FOMC committee member Bostic will be speaking later at 2300 (GMT+8).

During these times, there may be volatility in USD.

The flash PMI data will be released later at 2145 (GMT+8).

- Flash Manufacturing PMI (Forecast: 61.5, Previous: 62.1 revised from 61.5)

- Flash Services PMI (Forecast: 70.0, Previous: 70.4 revised from 70.1)

The New Home Sales data (Forecast: 864K, Previous: 863K) will be released later at 2200 (GMT+8).

NZD/USD Outlook (23 June 2021)

Overall, NZD/USD is trending downwards. Recently, NZD/USD broke above the key level of 0.70.

NZD/USDs next support zone is at 0.69500 and the next resistance zone is at 0.71000.

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

AUD/USD Outlook (23 June 2021)

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

Reserve Bank of Australian Assistant Governor Ellis will be speaking later at 1115 (GMT+8).

During this time, there may be volatility in AUD.

The Australian Flash PMI data released earlier today indicated a slowdown in the pace of expansion of business activities in June.

- Flash Manufacturing PMI (Actual: 58.4, Forecast: NA, Previous: 60.4 revised from 59.9)

- Flash Services PMI (Actual: 56.0, Forecast: NA, Previous: 58.0 revised from 58.2)

Currently, AUD/USD is testing 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 (23 June 2021)

Overall, USD/JPY is trending upwards. Recently, USD/JPY moved into the resistance zone of 110.800.

The Bank of Japan Core CPI y/y data (Actual: 0.0%, Forecast: 0.0%, Previous: -0.1%) released yesterday indicated no change in annual inflation.

The Japanese Flash Manufacturing PMI data (Actual: 51.5, Forecast: 53.2, Previous: 53.0 revised 52.5) released earlier today indicated a slowdown in the pace of expansion of the manufacturing sector in June.

Currently, USD/JPY is testing the resistance zone of 110.800 and the next support zone is at 108.500.

Look for buying opportunities of USD/JPY if it breaks the resistance zone of 110.800.

EUR/USD Outlook (23 June 2021)

Overall, EUR/USD is trending downwards.

The eurozone Consumer Confidence data (Actual: -3, Forecast: -4, Previous: -5) released yesterday indicated a slight decline in the level of pessimism of the surveyed consumers on the eurozone economy.

The French flash PMI data will be released later at 1515 (SGT).

- French Flash Manufacturing PMI (Forecast: 59.0, Previous: 59.4 revised from 59.2)

- French Flash Service PMI (Forecast: 59.6, Previous: 56.6 revised from 50.4)

The German Flash PMI data will be released later at 1530 (SGT).

- German Flash Manufacturing PMI (Forecast: 63.0, Previous: 64.2 revised from 64.0)

- German Flash Services PMI (Forecast: 55.8, Previous: 52.8)

The eurozone flash PMI data will be released later at 1600 (SGT).

- Flash Manufacturing PMI (Forecast: 62.4, Previous: 63.1 revised from 62.8)

- Flash Services PMI (Forecast: 58.1, Previous: 55.2 revised from 55.1)

European Central Bank President Lagarde will be speaking tomorrow at 0000 (GMT+8).

During this time, there may be volatility in EUR.

Currently, EUR/USD is moving towards the resistance zone of 1.19700 and the next support zone is at 1.17900.

Look for selling opportunities of EUR/USD if it rejects the resistance zone of 1.19700.

GBP/USD Outlook (23 June 2021)

Overall, GBP/USD is trending downwards.

The UK flash PMI data will be released later at 1630 (GMT+8).

- Flash Manufacturing PMI (Forecast: 64.1, Previous: 65.6 revised from 66.1)

- Flash Services PMI (Forecast: 62.9, Previous: 62.9 revised from 61.8)

GBP/USDs 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 (23 June 2021)

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

The Canadian retail sales data will be released later at 2030 (GMT+8).

- Core Retail Sales m/m (Forecast: -4.4%, Previous: 4.3%)

- Retail Sales m/m (Forecast: -5.1%, Previous: 3.6%)

USD/CADs next support zone is at 1.22400 and the next resistance zone is at 1.23800.

Look for short-term selling opportunities of USD/CAD if it breaks below the key level of 1.23.

GBP/JPY Outlook (23 June 2021)

Overall, GBP/JPY is ranging across. Recently, GBP/JPY broke the resistance zone of 153.800.

The UK flash PMI data will be released later at 1630 (GMT+8).

- Flash Manufacturing PMI (Forecast: 64.1, Previous: 65.6 revised from 66.1)

- Flash Services PMI (Forecast: 62.9, Previous: 62.9 revised from 61.8)

GBP/JPYs next support zone is at 153.800 and the next resistance zone is at 156.000.

Look for buying opportunities of GBP/JPY.

EUR/JPY Outlook (23 June 2021)

Overall, EUR/JPY is trending downwards. Recently, EUR/JPY broke above the key level of 132.

The eurozone Consumer Confidence data (Actual: -3, Forecast: -4, Previous: -5) released yesterday indicated a slight decline in the level of pessimism of the surveyed consumers on the eurozone economy.

The French flash PMI data will be released later at 1515 (SGT).

- French Flash Manufacturing PMI (Forecast: 59.0, Previous: 59.4 revised from 59.2)

- French Flash Service PMI (Forecast: 59.6, Previous: 56.6 revised from 50.4)

The German Flash PMI data will be released later at 1530 (SGT).

- German Flash Manufacturing PMI (Forecast: 63.0, Previous: 64.2 revised from 64.0)

- German Flash Services PMI (Forecast: 55.8, Previous: 52.8)

The eurozone flash PMI data will be released later at 1600 (SGT).

- Flash Manufacturing PMI (Forecast: 62.4, Previous: 63.1 revised from 62.8)

- Flash Services PMI (Forecast: 58.1, Previous: 55.2 revised from 55.1)

European Central Bank President Lagarde will be speaking tomorrow at 0000 (GMT+8).

During this time, there may be volatility in EUR.

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.