Daily Forex Analysis - 7th September 2021

USD Overview (07 September 2021)

Yesterday, USD strengthened against all major currencies, recovering its losses from the disappointing jobs report released last Friday.

NZD/USD Outlook (07 September 2021)

Overall, NZD/USD is trending upwards.

Yesterday, New Zealand Prime Minister Jacinda Ardern announced that the country, with the exception of Auckland, will move from alert level 3 to alert level 2.

NZD/USDs next support zone is at 0.71000 and the next resistance zone is at 0.72850.

Look for buying opportunities of NZD/USD.

AUD/USD Outlook (07 September 2021)

Overall, AUD/USD is ranging across.

The Reserve Bank of Australia (RBA) will be announcing their monetary policy decision later at 1230 (GMT+8). It is expected that the central bank will be holding interest rate unchanged at 0.10%. Pay attention to whether the RBA will proceed with the plan of quantitative easing (QE) tapering set out during the Julys meeting.

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

If the RBA decides to proceed with QE tapering, look for short-term buying opportunities of AUD/USD.

USD/JPY Outlook (07 September 2021)

Overall, USD/JPY is ranging across.

USD/JPYs next support zone is at 108.800 and the next resistance zone is at 110.800.

Look for selling opportunities of USD/JPY.

EUR/USD Outlook (07 September 2021)

Overall, EUR/USD is trending upwards. Recently, EUR/USD bounced off the resistance zone of 1.19000.

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

- Eurozone ZEW Economic Sentiment (Forecast: 35.3, Previous: 42.7)

- German ZEW Economic Sentiment (Forecast: 30.2, Previous: 40.4)

Currently, EUR/USD is moving towards the resistance zone of 1.19000 and the next support zone is at 1.17600.

Look for buying opportunities of EUR/USD if it breaks the resistance zone of 1.19000.

GBP/USD Outlook (07 September 2021)

Overall, GBP/USD is ranging across. Recently, GBP/USD bounced off the support zone of 1.38000.

The UK Construction PMI data (Actual: 55.2, Forecast: 57.4, Previous: 58.7) released yesterday indicated continued expansion in the construction sector albeit at a slower pace.

Bank of England MPC member Mann will be speaking later at 1310 (GMT+8). Also, MPC member Saunders will be speaking at 1530 (GMT+8). During these times, there may be volatility in GBP.

GBP/USDs next support zone is at 1.38000 and the next resistance zone is at 1.40000.

Look for buying opportunities of GBP/USD.

USD/CAD Outlook (07 September 2021)

Overall, USD/CAD is ranging across.

USD/CADs next support zone is at 1.24500 and the next resistance zone is at 1.26100.

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

GBP/JPY Outlook (07 September 2021)

Overall, GBP/JPY is ranging across.

The UK Construction PMI data (Actual: 55.2, Forecast: 57.4, Previous: 58.7) released yesterday indicated continued expansion in the construction sector albeit at a slower pace.

Bank of England MPC member Mann will be speaking later at 1310 (GMT+8). Also, MPC member Saunders will be speaking at 1530 (GMT+8). During these times, there may be volatility in GBP.

Currently, GBP/JPY is testing to break above the key level of 152. Its next support zone is at 151.000 and the next resistance zone is at 153.800.

Look for buying opportunities of GBP/JPY if it breaks above the key level of 152.

EUR/JPY Outlook (07 September 2021)

Overall, EUR/JPY is trending upwards.

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

- Eurozone ZEW Economic Sentiment (Forecast: 35.3, Previous: 42.7)

- German ZEW Economic Sentiment (Forecast: 30.2, Previous: 40.4)

EUR/JPYs 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.