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    Daily Forex Analysis - 20th July 2021

    Abstract:Daily currency trading guides and market forecasts: NZD/USD, AUD/USD, USD/JPY, EUR/USD, GBP/USD, USD/CAD, GBP/JPY, EUR/JPY

      

    JIN

      USD Overview (20 July 2021)

      Yesterday, USD strengthened against most major currencies except JPY and CHF.

      The housing data will be released later at 2030 (GMT+8).

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

      - Housing Starts (Forecast: 1.59M, Previous: 1.57M)

      NZD/USD Outlook (20 July 2021)

    image.png

      Overall, NZD/USD is ranging across. Recently, NZD/USD weakened and trended into the support zone of 0.69500 due to a global concern in a rebound in COVID cases.

      Currently, NZD/USD is testing to break the support zone of 0.69500 and the next resistance zone is at 0.71000.

      Look for short-term selling opportunities of NZD/USD if it breaks the support zone of 0.69500.

      AUD/USD Outlook (20 July 2021)

    image.png

      Overall, AUD/USD is trending downwards. Recently, AUD/USD weakened and trended into the support zone of 0.73300 due to a global concern in a rebound in COVID cases.

      The Reserve Bank of Australia will be releasing the minutes for the recent monetary policy meeting later at 0930 (GMT+8). Details on the recent tapering of quantitative easing may be provided in the minutes.

      It was reported yesterday that Australias Victoria lockdown will be extended.

      The Australian Retail Sales m/m data (Forecast: -0.6%, Previous: 0.4%) will be released tomorrow 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 (20 July 2021)

    image.png

      Overall, USD/JPY is ranging across. Recently, USD/JPY broke below the key level of 110 due to a global concern in a rebound in COVID cases.

      The Japanese National Core CPI y/y data (Actual 0.2%, Forecast: 0.2%, Previous: 0.1%) released earlier today indicated a slight increase in annual inflation.

      The Bank of Japan will be releasing its minutes for the recent monetary policy meeting tomorrow at 0750 (GMT+8).

      USD/JPYs 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.

      EUR/USD Outlook (20 July 2021)

    image.png

      Overall, EUR/USD is trending downwards. Recently, EUR/USD failed to break the resistance zone of 1.18200 due to a global concern in a rebound in COVID cases.

      Currently, EUR/USD is moving towards the resistance zone of 1.18200 and the next support zone is at 1.16300.

      Look for short-term selling opportunities of EUR/USD if it bounces off the resistance zone of 1.18200.

      GBP/USD Outlook (20 July 2021)

    image.png

      Overall, GBP/USD is trending downwards. Recently, GBP/USD broke below the key level of 1.37 due to a global concern in a rebound in COVID cases.

      GBP/USDs next support zone is at 1.36000 and the next resistance zone is at 1.38000.

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

      USD/CAD Outlook (20 July 2021)

    image.png

      Overall, USD/CAD is trending upwards. Recently, USD/CAD strengthened and broke the resistance zone of 1.26100 due to a global concern in a rebound in COVID cases.

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

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

      GBP/JPY Outlook (20 July 2021)

    image.png

      Overall, GBP/JPY is ranging across. Recently, GBP/JPY broke the support zone of 151.000 due to a global concern in a rebound in COVID cases.

      GBP/JPYs 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.

      EUR/JPY Outlook (20 July 2021)

    image.png

      Overall, EUR/JPY is trending downwards. Recently, EUR/JPY broke the support zone of 130.000 due to a global concern in a rebound in COVID cases.

      EUR/JPYs 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.

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    • Singapore Dollar
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