Daily Forex Analysis - 21th July 2021

USD Overview (21 July 2021)

Yesterday, USD strengthened against most major currencies except CAD.

The housing data released yesterday indicated a decline in the number of buildings being approved for construction and an increase in the number of residential houses that began construction in June.

- Building Permits (Actual: 1.60M, Forecast: 1.69M, Previous: 1.68M)

- Housing Starts (Actual: 1.64M, Forecast: 1.59M, Previous: 1.55M revised from 1.57M)

NZD/USD Outlook (21 July 2021)

Overall, NZD/USD is ranging across. Recently, NZD/USD broke the support zone of 0.69500.

Currently, NZD/USD is moving towards the resistance zone of 0.69500 and the next support zone is at 0.67900.

Look for selling opportunities of NZD/USD if it rejects the resistance zone of 0.69500.

AUD/USD Outlook (21 July 2021)

Overall, AUD/USD is trending downwards.

The Australian Retail Sales m/m data (Forecast: -0.6%, Previous: 0.4%) will be released later at 0930 (GMT+8).

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

Look for short-term selling opportunities of AUD/USD if it breaks the support zone of 0.73300.

USD/JPY Outlook (21 July 2021)

Overall, USD/JPY is trending downwards.

Japanese banks will be closed in observance of Marine Day. Expect lower trading volatility and volume during the usual Japanese market hours.

Currently, USD/JPY is moving up towards the key level of 110. Its 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 if it breaks above the key level of 110.

EUR/USD Outlook (21 July 2021)

Overall, EUR/USD is trending downwards. Recently, EUR/USD bounced down from the key level of 1.18.

Currently, EUR/USD is moving up towards the key level of 1.18. Its next support zone is at 1.16300 and the next resistance zone is at 1.18200.

Look for selling opportunities of EUR/USD if it bounces down from the key level of 1.18.

GBP/USD Outlook (21 July 2021)

Overall, GBP/USD is trending downwards. Recently, GBP/USD trended lower into the support zone of 1.36000.

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

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

USD/CAD Outlook (21 July 2021)

Overall, USD/CAD is trending upwards. Recently, USD/CAD broke below the key level of 1.27.

USD/CADs next support zone is at 1.26100 and the next resistance zone is at 1.28500.

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

GBP/JPY Outlook (21 July 2021)

Overall, GBP/JPY is trending downwards. Recently, GBP/JPY bounced off the support zone of 148.900.

Currently, GBP/JPY is moving up towards the key level of 150. Its next support zone is at 148.900 and the next resistance zone is at 151.000.

Look for short-term selling opportunities of GBP/JPY if it bounces down from the key level of 150.

EUR/JPY Outlook (21 July 2021)

Overall, EUR/JPY is trending downwards. Recently, EUR/JPY bounced off the support zone of 128.500.

EUR/JPYs next support zone is at 128.500 and the next resistance zone is at 130.000.

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