logo |

News

    Home   >     Industry    >     Main body

    Daily Forex Analysis - 24 February 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
    Lark20201105-133947.jpeg

      USD Overview (24 February 2021)

      Yesterday, USD strengthened against most major currencies except GBP, NZD and CAD.

      During yesterday‘s testification, Federal Reserve Chairman Jerome Powell highlighted that inflation and employment levels are far from the central bank’s targeted levels, implying that monetary policy will likely remain unchanged in the near future.

      The Conference Board Consumer Confidence data (Actual: 91.3, Forecast: 90.2, Previous: 89.3) released yesterday indicated an increase in the level of optimism in the current and future economic conditions.

      Powell will be testifying on the Semiannual Monetary Policy Report before the House Financial Services Committee later at 2300 (SGT).

      During this time, volatility in USD is expected.

      NZD/USD Outlook (24 February 2021)

    image.png

      Overall, NZD/USD is trending upwards.

      Earlier today, the Reserve Bank of New Zealand (RBNZ) held its monetary policy and interest rate unchanged. The central bank also highlighted that the operational work for interest rate to go negative is now completed. The RBNZ is prepared to provide further monetary stimulus (including negative interest rate) if necessary.

      RBNZ Governor Adrian Orr will be testifying before the Parliament Select Committee tomorrow at 0310 (SGT).

      During this time, volatility in NZD is expected.

      NZD/USDs next support zone is at 0.72850 and the next resistance zone is at 0.75300.

      Look for buying opportunities of NZD/USD.

      AUD/USD Outlook (24 February 2021)

    image.png

      Overall, AUD/USD is trending upwards. Recently, AUD/USD bounced up from the key level of 0.79.

      AUD/USDs next support zone is at 0.77900 and the next resistance zone is at 0.80800.

      Look for buying opportunities of AUD/USD.

      USD/JPY Outlook (24 February 2021)

    image.png

      Overall, USD/JPY is trending upwards. Recently, USD/JPY bounced up from the key level of 105.

      USD/JPYs next support zone is at 104.600 and the next resistance zone is at 106.000.

      Look for buying opportunities of USD/JPY.

      EUR/USD Outlook (24 February 2021)

    image.png

      Overall, EUR/USD is ranging across.

      The eurozone final CPI y/y data released yesterday indicated no change in annual inflation from the preliminary release.

      - Final CPI y/y (Actual: 0.9%, Forecast: 0.9%, Previous: 0.9%)

      - Final Core CPI y/y (Actual: 1.4%, Forecast: 1.4%, Previous: 1.4%)

      Currently, EUR/USD is testing the resistance zone of 1.21500 and the next support zone is at 1.19700.

      Look for buying opportunities of EUR/USD if it breaks the resistance zone of 1.21500.

      GBP/USD Outlook (24 February 2021)

    image.png

      Overall, GBP/USD is trending upwards. Recently, GBP/USD broke above the key level of 1.41.

      The UK employment data released yesterday indicated continued decline in the number of claimants of unemployment benefits while average earnings rose. Unemployment rate inched slightly higher from previous month.

      - Claimant Count Change (Actual: -20.0K, Forecast: TBA, Previous: -20.4K revised from 7.0K)

      - Average Earnings Index 3m/y (Actual: 4.7%, Forecast: 4.1%, Previous: 3.7% revised from 3.6%)

      - Unemployment Rate (Actual: 5.1%, Forecast: 5.1%, Previous: 5.0%)

      The UK monetary policy report hearings will be held later at 2030 (SGT). During this time, volatility in GBP is expected.

      GBP/USDs next support zone is at 1.40000 and the next resistance zone is at 1.43500.

      Look for buying opportunities of GBP/USD.

      USD/CAD Outlook (24 February 2021)

    image.png

      Overall, USD/CAD is ranging across. Recently, USD/CAD broke the support zone of 1.26100.

      USD/CADs next support zone is at 1.23800 and the next resistance zone is at 1.26100.

      Look for selling opportunities of USD/CAD.

      GBP/JPY Outlook (24 February 2021)

    image.png

      Overall, GBP/JPY is trending upwards. Recently, GBP/JPY broke the resistance zone of 147.800.

      The UK employment data released yesterday indicated continued decline in the number of claimants of unemployment benefits while average earnings rose. Unemployment rate inched slightly higher from previous month.

      - Claimant Count Change (Actual: -20.0K, Forecast: TBA, Previous: -20.4K revised from 7.0K)

      - Average Earnings Index 3m/y (Actual: 4.7%, Forecast: 4.1%, Previous: 3.7% revised from 3.6%)

      - Unemployment Rate (Actual: 5.1%, Forecast: 5.1%, Previous: 5.0%)

      The UK monetary policy report hearings will be held later at 2030 (SGT). During this time, volatility in GBP is expected.

      GBP/JPYs next support zone is at 147.800 and the next resistance zone is at 149.800.

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

      EUR/JPY Outlook (24 February 2021)

    image.png

      Overall, EUR/JPY is trending upwards.

      The eurozone final CPI y/y data released yesterday indicated no change in annual inflation from the preliminary release.

      - Final CPI y/y (Actual: 0.9%, Forecast: 0.9%, Previous: 0.9%)

      - Final Core CPI y/y (Actual: 1.4%, Forecast: 1.4%, Previous: 1.4%)

      Currently, EUR/JPY is testing to break above the key level of 128. Its next support zone is at 127.150 and the next resistance zone is at 129.500.

      Look for buying opportunities of EUR/JPY if it breaks above the key level of 128.

    Latest News

    South African Rand

    • 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

    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
    South African Rand
    Available
    -- United States Dollar
    Risk Warning

    The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.

    Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click "Complaints "and "Correction" to inform us. We will check immediately and release the results.

    Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.

    Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.