Daily Forex Analysis - 16th August 2021

USD Overview (16 August 2021)

Last Friday, USD weakened against all major currencies.

The Preliminary UoM Consumer Sentiment data (Actual: 70.2, Forecast: 81.2, Previous: 81.2 revised from 80.8) released last Friday indicated a strong decline in consumers confidence in the U.S. economic conditions due to the rise in COVID cases due to the Delta variant.

NZD/USD Outlook (16 August 2021)

Overall, NZD/USD is ranging across. Recently, NZD/USD bounced up from the key level of 0.70 due to the weakening of USD after the release of the poor Preliminary UoM Consumer Sentiment data.

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 (16 August 2021)

Overall, AUD/USD is trending downwards. Recently, AUD/USD bounced off the support zone of 0.73300 due to the weakening of USD after the release of the poor Preliminary UoM Consumer Sentiment data.

The Reserve Bank of Australia will be releasing the minutes for the previous monetary policy meeting tomorrow at 0930 (GMT+8).

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 (16 August 2021)

Overall, USD/JPY is ranging across. Recently, USD/JPY broke below the key level of 110 due to the weakening of USD after the release of the poor Preliminary UoM Consumer Sentiment data.

The Japanese Preliminary GDP q/q data (Actual: 0.3%, Forecast: TBA, Previous: -1.0% revised from -1.3%) released earlier today indicated a recovering in economic growth during the second quarter.

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 (16 August 2021)

Overall, EUR/USD is ranging across. Recently, EUR/USD broke the resistance zone of 1.17600 due to the weakening of USD after the release of the poor Preliminary UoM Consumer Sentiment data.

Currently, EUR/USD is testing to break above the key level of 1.18. Its next support zone is at 1.17600 and the next resistance zone is at 1.19000.

Look for short-term buying opportunities of EUR/USD if it breaks above the key level of 1.18.

GBP/USD Outlook (16 August 2021)

Overall, GBP/USD is ranging across. Recently, GBP/USD rejected the support zone of 1.38000 due to the weakening of USD after the release of the poor Preliminary UoM Consumer Sentiment data.

GBP/USDs 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.

USD/CAD Outlook (16 August 2021)

Overall, USD/CAD is ranging across. Recently, USD/CAD bounced up from the key level of 1.25.

USD/CADs 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 (16 August 2021)

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

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

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

EUR/JPY Outlook (16 August 2021)

Overall, EUR/JPY is trending downwards.

Currently, EUR/JPY is moving down towards the key level of 129. Its next support zone is at 128.500 and the next resistance zone is at 130.000.

Look for short-term selling opportunities of EUR/JPY if it breaks below the key level of 129.