Daily Forex Analysis - 10th August 2021

USD Overview (10 August 2021)

Yesterday, USD strengthened against all major currencies.

During his speech yesterday, FOMC committee member Bostic said that he is supportive of a quantitative easing (QE) tapering in the fourth quarter of this year, justifying with the fact that inflation in the U.S. has reached the Fed‘s 2% target. Shortly after, committee member Barkin reiterated Bostic’s comment on inflation and highlighted that it is likely going to sustain at that level.

NZD/USD Outlook (10 August 2021)

Overall, NZD/USD is ranging across. Recently, NZD/USD bounced up from the key level of 0.70.

Currently, NZD/USD is testing to break below 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 selling opportunities of NZD/USD if it breaks below the key level of 0.70.

AUD/USD Outlook (10 August 2021)

Overall, AUD/USD is trending downwards.

The Australian NAB Business Confidence data (Forecast: NA, Previous: 11) will be released later at 0930 (GMT+8).

The Australian Westpac Consumer Sentiment data (Forecast: NA, Previous: 1.5%) will be released tomorrow at 0830 (GMT+8).

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

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

USD/JPY Outlook (10 August 2021)

Overall, USD/JPY is tanging across. Recently, USD/JPY bounced up from the key level of 110.

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

Look for buying opportunities of USD/JPY.

EUR/USD Outlook (10 August 2021)

Overall, EUR/USD is ranging across.

The eurozone and German ZEW Economic Sentiment data will be released later at 1700 (GMT+8).

- ZEW Economic Sentiment (Forecast: 55.3, Previous: 61.2)

- German ZEW Economic Sentiment (Forecast: 54.9, Previous: 63.3)

EUR/USDs next support zone is at 1.16300 and the next resistance zone is at 1.18200.

Look for selling opportunities of EUR/USD.

GBP/USD Outlook (10 August 2021)

Overall, GBP/USD is ranging across.

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.

USD/CAD Outlook (10 August 2021)

Overall, USD/CAD is ranging across.

Currently, USD/CAD is moving towards the resistance zone of 1.26100 and the next support zone is at 1.24500.

Look for buying opportunities of USD/CAD after it breaks above the resistance zone of 1.26100.

GBP/JPY Outlook (10 August 2021)

Overall, GBP/JPY is ranging across. Recently, GBP/JPY tested but failed to break above the key level of 153.

Currently, GBP/JPY is moving towards the key level of 153. Its next support zone is at 151.000 and the next resistance zone is at 153.800.

Look for selling opportunities of GBP/JPY.

EUR/JPY Outlook (10 August 2021)

Overall, EUR/JPY is trending downwards.

The eurozone and German ZEW Economic Sentiment data will be released later at 1700 (GMT+8).

- ZEW Economic Sentiment (Forecast: 55.3, Previous: 61.2)

- German ZEW Economic Sentiment (Forecast: 54.9, Previous: 63.3)

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

Look for selling opportunities of EUR/JPY.