Daily Forex Analysis - 9th July 2021

USD Overview (09 July 2021)

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

The Fed Monetary Policy Report will be released today at a tentative timing.

G20 meetings will be held today. During this time, there may be volatility in the market.

NZD/USD Outlook (09 July 2021)

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

G20 meetings will be held today. During this time, there may be volatility in the market.

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.

AUD/USD Outlook (09 July 2021)

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

Yesterday, it was reported that the Delta variant of the COVID virus reached a record daily high since mid-June.

G20 meetings will be held today. During this time, there may be volatility in the market.

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.

USD/JPY Outlook (09 July 2021)

Overall, USD/JPY is trending upwards. Recently, USD/JPY broke below the key level of 110.

G20 meetings will be held today. During this time, there may be volatility in the market.

USD/JPYs next support zone is at 108.500 and the next resistance zone is at 110.800.

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

EUR/USD Outlook (09 July 2021)

Overall, EUR/USD is trending downwards. Recently, EUR/USD moved into the resistance zone of 1.18500.

During a press conference on European Central Bank (ECB) Strategy Review yesterday, the central bank announced the revision of its inflation target to 2% with overshoots allowed. Prior to this revision, the ECB was working toward an inflation level of “below, but close to, 2%”. This decision led to the strengthening of EUR.

G20 meetings will be held today. During this time, there may be volatility in the market.

European Central Bank President Lagarde will be speaking later at 1800 (GMT+8). During this time, there may be volatility in EUR.

The scheduled release of the previous monetary policy meeting minutes by the European Central Bank yesterday was postponed. As such, it will be released later at 1930 (GMT+8).

Currently, EUR/USD is testing the resistance zone of 1.18500 and the next support zone is at 1.16300.

Look for short-term buying opportunities of EUR/USD if it breaks the resistance zone of 1.18500.

GBP/USD Outlook (09 July 2021)

Overall, GBP/USD is trending downwards.

G20 meetings will be held today. During this time, there may be volatility in the market.

Bank of England Governor Bailey will be speaking later at 1800 (GMT+8). During this time, there may be volatility in GBP.

Currently, GBP/USD is testing the support zone of 1.38000 and the next resistance zone is at 1.40000.

Look for short-term selling opportunities of GBP/USD if it breaks the support zone of 1.38000.

USD/CAD Outlook (09 July 2021)

Overall, USD/CAD is trending upwards. Recently, USD/CAD broke the resistance zone of 1.26100.

G20 meetings will be held today. During this time, there may be volatility in the market.

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

- Employment Change (Forecast: 172.5K, Previous: -68.0K)

- Unemployment Rate (Forecast: 7.8%, Previous: 8.2%)

USD/CADs next support zone is at 1.24800 and the next resistance zone is at 1.26100.

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

GBP/JPY Outlook (09 July 2021)

Overall, GBP/JPY is ranging across. Recently, GBP/JPY trended and broke below the key level of 152.

G20 meetings will be held today. During this time, there may be volatility in the market.

Bank of England Governor Bailey will be speaking later at 1800 (GMT+8). During this time, there may be volatility in GBP.

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

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

EUR/JPY Outlook (09 July 2021)

Overall, EUR/JPY is ranging across.

G20 meetings will be held today. During this time, there may be volatility in the market.

European Central Bank President Lagarde will be speaking later at 1800 (GMT+8). During this time, there may be volatility in EUR.

The scheduled release of the previous monetary policy meeting minutes by the European Central Bank yesterday was postponed. As such, it will be released later at 1930 (GMT+8).

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

Look for short-term buying opportunities of EUR/JPY if it bounces off the support zone of 130.000.