Daily Forex Analysis - 2nd July 2021

USD Overview (02 July 2021)

Yesterday, USD strengthened against all major currencies.

The ISM Manufacturing PMI data (Actual: 60.6, Forecast: 61.0, Previous: 61.2) released yesterday indicated a slight slowdown in the pace of expansion of the manufacturing sector in June.

The U.S. jobs report will be released later at 2030 (GMT+8).

- Average Hourly Earnings m/m (Forecast: 0.4%, Previous: 0.5%)

- Non-Farm Employment Change (Forecast: 700K, Previous: 559K)

- Unemployment Rate (Forecast: 5.6%, Previous: 5.8%)

NZD/USD Outlook (02 July 2021)

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

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

Look for short-term selling opportunities of NZD/USD if it breaks the support zone of 0.69500 up until the release of the U.S. jobs report at 2030 (GMT+8).

AUD/USD Outlook (02 July 2021)

Overall, AUD/USD is trending downwards. Recently, AUD/USD broke the support zone of 0.75000.

The Australian Retail Sales m/m data (Forecast: TBA, Previous: 0.1%) will be released next Monday at 0930 (GMT+8).

Also, the Australian Building Approvals m/m (Forecast: TBA, Previous: -8.6%) will be released at the same time.

AUD/USDs next support zone is at 0.73300 and the next resistance zone is at 0.75000.

Look for short-term selling opportunities of AUD/USD up until the release of the U.S. jobs report at 2030 (GMT+8).

USD/JPY Outlook (02 July 2021)

Overall, USD/JPY is trending upwards.

USD/JPYs next support zone is at 110.800 and the next resistance zone is at 112.000.

Look for short-term buying opportunities of USD/JPY until the release of the U.S. jobs report at 2030 (GMT+8).

EUR/USD Outlook (02 July 2021)

Overall, EUR/USD is trending downwards.

During her speech yesterday, European Central Bank President Lagarde expressed optimism in the economic outlook of eurozone, highlighting that the speedy progress in vaccination programmes has lowered the chance of facing severe scenarios. This led to the strengthening of EUR during the day.

European Central Bank President Lagarde will be speaking later at 2030 (GMT+8). During this time, there may be volatility in EUR.

Currently, EUR/USD is testing the support zone of 1.18500 and the next resistance zone is at 1.20000.

If EUR/USD breaks the support zone of 1.18500, look for short-term selling opportunities up until the release of the U.S. jobs report at 2030 (GMT+8).

GBP/USD Outlook (02 July 2021)

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

Currently, GBP/USD is moving towards the resistance zone of 1.38000 and the next support zone is at 1.36000.

If GBP/USD bounces off the resistance zone of 1.38000, look for short-term selling opportunities up until the release of the U.S. jobs report at 2030 (GMT+8).

USD/CAD Outlook (02 July 2021)

Overall, USD/CAD is trending upwards.

OPEC+ meetings yesterday have been delayed. With the possibility that news will be released any time from now, there may be volatility in CAD.

The Canadian Manufacturing PMI data (Forecast: 57.4, Previous: 57.0) will be released later at 2130 (GMT+8).

Currently, USD/CAD is moving towards the resistance zone of 1.24800 and the next support zone is at 1.22600.

If USD/CAD breaks the resistance zone of 1.24800, look for short-term buying opportunities up until the release of the U.S. jobs report at 2030 (GMT+8).

GBP/JPY Outlook (02 July 2021)

Overall, GBP/JPY is ranging across.

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

Look for short-term buying opportunities of GBP/JPY if it breaks the resistance zone of 153.800.

EUR/JPY Outlook (02 July 2021)

Overall, EUR/JPY is ranging across.

During her speech yesterday, European Central Bank President Lagarde expressed optimism in the economic outlook of eurozone, highlighting that the speedy progress in vaccination programmes has lowered the chance of facing severe scenarios. This led to the strengthening of EUR during the day.

European Central Bank President Lagarde will be speaking later at 2030 (GMT+8). During this time, there may be volatility in EUR.

Currently, EUR/JPY is testing the resistance zone of 132.000 and the next support zone is at 130.000.

Look for short-term buying opportunities of EUR/JPY if it breaks the resistance zone of 132.000.