Daily Forex Analysis - 08 January 2021




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)

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)

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)

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)

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)

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)

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)

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)

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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