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    Daily Forex Analysis - 2nd August 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 (02 August2021)

      Last Friday, USD strengthened against most major currencies except CHF.

      The Core PCE Price Index m/m data (Actual: 0.4%, Forecast: 0.6%, Previous: 0.5%) released last Friday indicated continued increase in prices of goods and services purchased by consumers in June.

      The ISM Manufacturing PMI data (Forecast: 60.8, Previous: 60.6) will be released later at 2200 (GMT+8).

      NZD/USD Outlook (02 August2021)

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      Overall, NZD/USD is ranging across. Recently, NZD/USD broke below the key level of 0.70.

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

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

      AUD/USD Outlook (02 August2021)

    image.png

      Overall, AUD/USD is trending downwards. Recently, AUD/USD bounced down from the key level of 0.74.

      Currently, AUD/USD is testing the support zone of 0.73300 and the next resistance zone is at 0.75000.

      Look for short-term buying opportunities of AUD/USD if it rejects the support zone of 0.73300.

      USD/JPY Outlook (02 August2021)

    image.png

      Overall, USD/JPY is trending downwards.

      The Japanese Consumer Confidence data (Forecast: 37.0, Previous: 37.4) will be released later at 1300 (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 (02 August2021)

    image.png

      Overall, EUR/USD is ranging across. Recently, EUR/USD failed to break above the key level of 1.19.

      The eurozone inflation data released last Friday indicated headline annual inflation in July continue to rise at a higher rate while core inflation declined slightly. The preliminary flash GDP q/q data released indicated a strong rebound in eurozone economic growth, surpassing the markets expectation. Jobless rate also declined. Overall, the eurozone economy is making good progress in its recovery.

      - CPI Flash Estimate y/y (Actual: 2.2%, Forecast: 2.0%, Previous: 1.9%)

      - Core CPI Flash Estimate y/y (Actual: 0.7%, Forecast: 0.7%, Previous: 0.9%)

      - Preliminary Flash GDP q/q (Actual: 2.0%, Forecast: 1.5%, Previous: -0.3% revised from -0.6%)

      - Unemployment Rate (Actual: 7.7%, Forecast: 7.9%, Previous: 7.9%)

      EUR/USDs next support zone is at 1.18200 and the next resistance zone is at 1.20000.

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

      GBP/USD Outlook (02 August2021)

    image.png

      Overall, GBP/USD is ranging across. Recently, GBP/USD bounced off the resistance zone of 1.40000.

      Currently, GBP/USD is testing to break below the key level of 1.39. Its next support zone is at 1.38000 and the next resistance zone is at 1.40000.

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

      USD/CAD Outlook (02 August2021)

    image.png

      Overall, USD/CAD is ranging across.

      The Canadian GDP m/m data (Actual: -0.3%, Forecast: -0.3%, Previous: -0.5% revised from -0.3%) released last Friday indicated continued contraction in economic growth during May.

      Currently, USD/CAD is testing the support zone of 1.24500 and the next resistance zone is at 1.26100.

      Look for short-term buying opportunities of USD/CAD if it bounces off the support zone of 1.24500.

      GBP/JPY Outlook (02 August2021)

    image.png

      Overall, GBP/JPY is ranging across. Recently, GBP/JPY broke below the key level of 153.

      GBP/JPYs next support zone is at 151.000 and the next resistance zone is at 153.800.

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

      EUR/JPY Outlook (02 August2021)

    image.png

      Overall, EUR/JPY is trending downwards.

      The eurozone inflation data released last Friday indicated headline annual inflation in July continue to rise at a higher rate while core inflation declined slightly. The preliminary flash GDP q/q data released indicated a strong rebound in eurozone economic growth, surpassing the markets expectation. Jobless rate also declined. Overall, the eurozone economy is making good progress in its recovery.

      - CPI Flash Estimate y/y (Actual: 2.2%, Forecast: 2.0%, Previous: 1.9%)

      - Core CPI Flash Estimate y/y (Actual: 0.7%, Forecast: 0.7%, Previous: 0.9%)

      - Preliminary Flash GDP q/q (Actual: 2.0%, Forecast: 1.5%, Previous: -0.3% revised from -0.6%)

      - Unemployment Rate (Actual: 7.7%, Forecast: 7.9%, Previous: 7.9%)

      Currently, EUR/JPY is testing the support zone of 130.000 and the next resistance zone is at 132.000.

      Look for short-term buying opportunities of EUR/JPY if it rejects the support zone of 130.000.

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    • 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
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