Daily Forex Analysis - 12th August 2021

USD Overview (12 August 2021)

Yesterday, USD weakened against all major currencies.

The CPI m/m data released yesterday indicated a slowdown in inflation in July. As a result, USD weakened across the board.

- CPI m/m (Actual: 0.5%, Forecast: 0.5%, Previous: 0.9%)

- Core CPI m/m (Actual: 0.3%, Forecast: 0.4%, Previous: 0.9%)

NZD/USD Outlook (12 August 2021)

Overall, NZD/USD is ranging across. Recently, NZD/USD strengthened and broke above the key level of 0.70 after the release of the U.S. CPI data that signifies a slowdown in inflation.

The New Zealand Inflation Expectations q/q data (Forecast: NA, Previous: 2.05%) will be released later at 1100 (GMT+8).

NZD/USDs 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.

AUD/USD Outlook (12 August 2021)

Overall, AUD/USD is trending downwards. Recently, AUD/USD bounced off the support zone of 0.73300 after the release of the U.S. CPI data that signifies a slowdown in inflation.

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

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

USD/JPY Outlook (12 August 2021)

Overall, USD/JPY is ranging across. Recently, USD/JPY rejected the resistance zone of 110.800 after the release of the U.S. CPI data that signifies a slowdown in inflation.

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 (12 August 2021)

Overall, EUR/USD is trending downwards. Recently, EUR/USD strengthened after the release of the U.S. CPI data that signifies a slowdown in inflation.

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

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

GBP/USD Outlook (12 August 2021)

Overall, GBP/USD is ranging across. Recently, GBP/USD bounced off the support zone of 1.38000 after the release of the U.S. CPI data that signifies a slowdown in inflation.

The UK Preliminary GDP q/q (Forecast: 4.8%, Previous: -1.6% revised from -1.5%) will be released later at 1400 (GMT+8).

Currently, GBP/USD is moving up towards 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 (12 August 2021)

Overall, USD/CAD is ranging across. Recently, USD/CAD weakened after the release of the U.S. CPI data that signifies a slowdown in inflation.

Currently, USD/CAD is bouncing up from the key level of 1.25. Its next support zone is at 1.24500 and the next resistance zone is at 1.26100.

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

GBP/JPY Outlook (12 August 2021)

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

The UK Preliminary GDP q/q (Forecast: 4.8%, Previous: -1.6% revised from -1.5%) will be released later at 1400 (GMT+8).

Currently, GBP/JPY is testing to break below the key level of 153. Its 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 if it fails to break below the key level of 153.

EUR/JPY Outlook (12 August 2021)

Overall, EUR/JPY is trending downwards.

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.