Daily Forex Analysis - 13th July 2021

USD Overview (13 July 2021)

Yesterday, USD strengthened against most major currencies except CAD.

The CPI m/m data will be released later at 2030 (GMT+8).

- CPI m/m (Forecast: 0.5%, Previous: 0.6%)

- Core CPI m/m (Forecast: 0.4%, Previous: 0.7%)

FOMC member Bostic will be speaking tomorrow at 0000 (GMT+8) and 0230 (GMT+8). During these times, there may be volatility in USD.

NZD/USD Outlook (13 July 2021)

Overall, NZD/USD is trending downwards. Recently, NZD/USD bounced off the support zone of 0.69500.

The Reserve Bank of New Zealand (RBNZ) will be announcing their monetary policy decision tomorrow at 1000 (GMT+8). It is expected that the central bank will be holding interest rate unchanged at 0.25%. Nonetheless, pay attention to any mentioning of quantitative easing (QE) tapering by the RBNZ in the rate statement. Also pay attention to the central banks view on progress of economic recovery in New Zealand as it will have an impact on the tapering of QE.

Currently, NZD/USD is testing to break above the key level of 0.70. Its 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 up until the RBNZ monetary policy meeting tomorrow.

AUD/USD Outlook (13 July 2021)

Overall, AUD/USD is trending downwards.

The Australian NAB Business Confidence data (Forecast: NA, Previous: 20) will be released later at 0930 (GMT+8).

Currently, AUD/USD is testing the resistance zone of 0.75000 and the next support zone is at 0.73300.

Look for short-term buying opportunities of AUD/USD if it breaks the resistance zone of 0.75000.

USD/JPY Outlook (13 July 2021)

Overall, USD/JPY is ranging across.

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 (13 July 2021)

Overall, EUR/USD is trending downwards.

EUR/USDs next support zone is at 1.18200 and the next resistance zone is at 1.20000.

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

GBP/USD Outlook (13 July 2021)

Overall, GBP/USD is trending downwards. Recently, GBP/USD bounced off down from the key level of 1.39.

Currently, GBP/USD is testing to break above 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 if it breaks above the key level of 1.39.

USD/CAD Outlook (13 July 2021)

Overall, USD/CAD is trending upwards.

Currently, USD/CAD is testing the support zone of 1.24800 and the next resistance zone is at 1.26100.

Look for short-term selling opportunities of USD/CAD if it breaks the support zone of 1.24800.

GBP/JPY Outlook (13 July 2021)

Overall, GBP/JPY is ranging across. Recently, GBP/JPY broke above the key level of 153.

GBP/JPYs next support zone is at 151.000 and the next resistance zone is at 153.800.

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

EUR/JPY Outlook (13 July 2021)

Overall, EUR/JPY is ranging across.

Currently, EUR/JPY is testing to break above the key level of 131. Its next support zone is at 130.000 and the next resistance zone is at 132.000.

Look for short-term buying opportunities of EUR/JPY if it breaks above the key level of 131.