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    Daily Forex Analysis - 08 January 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

      

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      USD Overview (08 January 2021)

      Yesterday, USD strengthened against all major currencies.

      The U.S. ISM Services PMI data (Actual: 57.2, Forecast: 54.5, Previous: 55.9) released yesterday indicated an increase in the pace of expansion of the services sector in December.

      The U.S. Non-Farm Payroll data will be released later at 2130 (SGT).

      - Average Hourly Earnings m/m (Forecast: 0.2%, Previous: 0.3%)

      - Non-Farm Employment Change (Forecast: 68K, Previous: 245K)

      - Unemployment Rate (Forecast: 6.8%, Previous: 6.7%)

      NZD/USD Outlook (08 January 2021)

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      Overall, NZD/USD is trending upwards. Recently, NZD/USD bounced down from the key level of 0.73000.

      NZD/USDs next support zone is at 0.72000 and the next resistance zone is at 0.73700.

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

      AUD/USD Outlook (08 January 2021)

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      Overall, AUD/USD is trending upwards. Recently, AUD/USD bounced down from the key level of 0.78.

      The Australian Retail Sales m/m data (Forecast: NA, Previous: 7.0%) will be released next Monday at 0830 (SGT).

      AUD/USD next support zone is at 0.76800 and the next resistance zone is at 0.79100.

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

      USD/JPY Outlook (08 January 2021)

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      Overall, USD/JPY is ranging across. Recently, USD/JPY broke the resistance zone of 103.000.

      Japanese banks will be close next Monday in observance of Coming-of-Age Day. Lower volatility and trading volume is expected during the Japanese market session.

      USD/JPYs next support zone is at 103.000 and the next resistance zone of 104.600.

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

      EUR/USD Outlook (08 January 2021)

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      Overall, EUR/USD is trending upwards. Recently, EUR/USD broke below the key level of 1.23.

      The eurozone CPI flash estimate y/y data released yesterday indicated no change in the rate of inflation from the previous month.

      - CPI Flash Estimate y/y (Actual: -0.3%, Forecast: -0.2%, Previous: -0.3%)

      - Core CPI Flash Estimate y/y (Actual: 0.2%, Forecast: 0.2%, Previous: 0.2%)

      The eurozone unemployment rate data (Forecast: 8.5%, Previous: 8.4%) will be released later at 1800 (SGT).

      EUR/USDs next support zone is at 1.21800 and the next resistance zone is at 1.24800.

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

      GBP/USD Outlook (08 January 2021)

    image.png

      Overall, GBP/USD is trending upwards. Recently, GBP/USD broke below the key level of 1.36.

      The UK Construction PMI data (Actual: 54.6, Forecast: 54.6, Previous: 54.7) released yesterday indicated continued expansion in the construction sector in December.

      GBP/USDs next support zone is at 1.34800 and the next resistance zone is at 1.37800.

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

      USD/CAD Outlook (08 January 2021)

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      Overall, USD/CAD is trending downwards.

      The Canadian Ivey PMI data (Actual: 46.7, Forecast: 53.1, Previous: 52.7) released yesterday indicated a contraction in business activities in December.

      The Canadian employment data will be released later at 2130 (SGT).

      - Employment Change (Forecast: -32.5K, Previous: 62.1K)

      - Unemployment Rate (Forecast: 8.7%, Previous: 8.5%)

      USD/CADs next support zone is at 1.25720 and the next resistance zone is at 1.27900.

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

      GBP/JPY Outlook (08 January 2021)

    image.png

      Overall, GBP/JPY is ranging across. Recently, GBP/JPY broke the resistance zone of 140.000.

      The UK Construction PMI data (Actual: 54.6, Forecast: 54.6, Previous: 54.7) released yesterday indicated continued expansion in the construction sector in December.

      Japanese banks will be close next Monday in observance of Coming-of-Age Day. Lower volatility and trading volume is expected during the Japanese market session.

      Currently, GBP/JPY is testing to break above the key level of 141. Its next support zone is at 140.000 and the next resistance zone is at 142.200.

      Look for short-term selling opportunities of GBP/JPY if it bounces down from the key level of 141.

      EUR/JPY Outlook (08 January 2021)

    image.png

      Overall, EUR/JPY is ranging across. Recently, EUR/JPY broke the resistance zone of 126.800.

      Japanese banks will be close next Monday in observance of Coming-of-Age Day. Lower volatility and trading volume is expected during the Japanese market session.

      The eurozone CPI flash estimate y/y data released yesterday indicated no change in the rate of inflation from the previous month.

      - CPI Flash Estimate y/y (Actual: -0.3%, Forecast: -0.2%, Previous: -0.3%)

      - Core CPI Flash Estimate y/y (Actual: 0.2%, Forecast: 0.2%, Previous: 0.2%)

      The eurozone unemployment rate data (Forecast: 8.5%, Previous: 8.4%) will be released later at 1800 (SGT).

      EUR/JPYs next support zone is at 126.800 and the next resistance zone is at 129.500.

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

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    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand
    Current Rate  :
    --
    Amount
    United States Dollar
    Available
    -- United States Dollar
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