Daily Forex Analysis - 25th June 2021

USD Overview (25 June 2021)

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

The Final GDP q/q data (Actual: 6.4%, Forecast: 6.4%, Previous: 6.4%) released yesterday indicated no change in the GDP for the first quarter of 2021 as reported previously.

Also at the same time, the Unemployment Claims data (Actual: 411K, Forecast: 382K, Previous: 418K revised from 412K) released yesterday indicated a slight decline in the number of people claiming for unemployment benefits last week as compared to the previous.

The Revised UoM Consumer Sentiment data (Forecast: 86.5, Previous: 86.4) will be released later at 2200 (GMT+8).

NZD/USD Outlook (25 June 2021)

Overall, NZD/USD is trending downwards. Recently, NZD/USD moved higher towards the resistance zone of 0.71000.

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

Look for short-term buying opportunities of NZD/USD if it breaks the resistance zone of 0.71000.

AUD/USD Outlook (25 June 2021)

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

Currently, AUD/USD is moving towards the key level of 0.76. Its 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 if it breaks above the key level of 0.76.

USD/JPY Outlook (25 June 2021)

Overall, USD/JPY is trending upwards.

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 (25 June 2021)

Overall, EUR/USD is trending downwards. Recently, EUR/USD bounced off the resistance zone of 1.19700.

The German ifo Business Climate data (Actual: 101.8, Forecast: 100.8, Previous: 99.2) released yesterday indicated an increase in the level of optimism from the surveyed businesses on the Germanys business conditions for the next 6 months.

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

Look for selling opportunities of EUR/USD.

GBP/USD Outlook (25 June 2021)

Overall, GBP/USD is trending downwards. Recently, GBP/USD bounced off the resistance zone of 1.40000.

During the monetary policy meeting yesterday, the Bank of England (BoE) held monetary policy unchanged. This led to a slight disappointment as the market was expecting the central bank to strike a hawkish tone on QE tapering.

GBP/USDs next support zone is at 1.38000 and the next resistance zone is at 1.40000.

Look for short-term selling opportunities of GBP/USD only after it breaks below the key level of 1.39.

USD/CAD Outlook (25 June 2021)

Overall, USD/CAD is trending upwards. Recently, USD/CAD broke above the key level of 1.23.

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

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

GBP/JPY Outlook (25 June 2021)

Overall, GBP/JPY is ranging across. Recently, GBP/JPY bounced off the support zone of 153.800.

During the monetary policy meeting yesterday, the Bank of England (BoE) held monetary policy unchanged. This led to a slight disappointment as the market was expecting the central bank to strike a hawkish tone on QE tapering.

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

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

EUR/JPY Outlook (25 June 2021)

Overall, EUR/JPY is trending downwards.

The German ifo Business Climate data (Actual: 101.8, Forecast: 100.8, Previous: 99.2) released yesterday indicated an increase in the level of optimism from the surveyed businesses on the Germanys business conditions for the next 6 months.

Currently, EUR/JPY is moving towards the resistance zone of 132.800 and the next support zone is at 130.800.

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