Daily Forex Analysis - 05 February 2021

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Daily Forex Analysis - 05 February 2021

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 WikiFX, 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).