Daily Forex Analysis - 05 February 2021

  • March 12, 2021 3:10 AM PST
    The U.S. Unemployment Claims data (Actual: 779K, Forecast: 828K,
    Previous: 812K revised from 847K) released yesterday indicated a decline
    in the number of people claiming for unemployment benefits last
    week.Overall, NZD/USD is ranging across. Recently, NZD/USD broke below
    the key level of 0.72.To get more news about [url=https://www.wikifx.com/]WikiFX[/url], you can visit wikifx.com official website.



    New Zealand banks will be closed next Monday in observance of
    Waitangi Day. Expect lower trading volatility and volume during the New
    Zealand market session.



    NZD/USDs next support zone is at 0.71000 and the next resistance zone is at 0.72850.



    Look for short-term selling opportunities of NZD/USD up until the
    release of the U.S. jobs report later at 2130 (SGT).Overall, AUD/USD is
    trending downwards. Recently, AUD/USD trended into the support zone of
    0.76000.



    Currently, AUD/USD is testing the support zone of 0.76000 and the next resistance zone is at 0.77900.



    If AUD/USD breaks the support zone of 0.76000, look for short-term
    selling opportunities of AUD/USD up until the release of the U.S. jobs
    report later at 2130 (SGT).Overall, USD/JPY is trending upwards.
    Recently, USD/JPY broke above the key level of 105.



    USD/JPYs next support zone is at 104.600 and the next resistance zone is at 105.800.



    Look for short-term buying opportunities of USD/JPY up until the
    release of the U.S. jobs report later at 2130 (SGT).Overall, EUR/USD is
    trending downwards. Recently, EUR/USD broke below the key level of 1.20.



    EUR/USDs next support zone is at 1.18800 and the next resistance zone
    is at 1.20750.Overall, GBP/USD is trending upwards. Recently, GBP/USD
    rallied and broke above the key level of 1.36.



    The UK Construction PMI data (Actual: 49.2, Forecast: 53.0, Previous:
    54.6) released yesterday indicated that the construction sector fell
    back into contraction.



    During the monetary policy meeting yesterday, the Bank of England
    held monetary policy unchanged. Governor Bailey emphasized that the
    central bank is not sending any hints on the adoption of negative
    interest rate, leading to some optimism in GBP.



    Governor Bailey will be speaking at the Monetary Policy Report
    National Agency Briefing later at 2015 (SGT). During this time, there
    may be volatility in GBP.



    Also, Governor Bailey will be speaking about central banks and post-Covid recovery later at 2130 (SGT).