Forex Technicals

More Forex Technicals

JPY - Uptrend↗

Support / Resistance

vs HKD 5.3014 / 5.5254

vs USD 142.00 / 148.00

 Japan's real wages fell 1.8% year-on-year in April, the fourth consecutive month of increase. This reinforces expectations that the Bank of Japan still needs to raise interest rates to curb inflation. Technically, the USD/JPY has a support at 142.

 

EUR - Sideways➡

Support / Resistance

vs HKD 8.8661 / 9.1015

vs USD 1.13 / 1.16

The European Central Bank cut interest rates by 25 basis points as expected. The statement said that the future environment is still uncertain and all tools will be prepared to ensure inflation stability. Technically, the support for the EUR/USD is around 1.12 on the 50-day line.

 

GBP - Uptrend↗

Support / Resistance

vs HKD 10.5138 / 10.8276

vs USD 1.34 / 1.38

The United Kingdom and the United States agreed to implement a tariff reduction agreement as soon as possible. The news is expected to be good for the British pound. Technically, GBP/USD faces resistance at the 1.38 level. 

 

AUD - Uptrend↗

Support / Resistance

vs HKD 4.9430 / 5.2569

vs USD 0.63 / 0.67

Australia's GDP grew 1.3% year-on-year in the first quarter, reflecting that under the combined influence of severe weather and wildfires, the local economy still maintained stable growth. Technically, the resistance of the AUD/USD is the gold ratio of 76.4%, about 67 US cents.

 

NZD - Sideways➡

Support / Resistance

vs HKD 4.5507 / 4.7861

vs USD 0.58 / 0.61

New Zealand's total exports and imports of goods and services in the first quarter increased by 14% and 6.9% year-on-year respectively. Technically, the NZD/USD broke through the 200-day line, and the next resistance is 0.61.

 

CAD - Downtrend↘

Support / Resistance

vs HKD 5.5646 / 5.7692

vs USD 1.36 / 1.41

The Bank of Canada indicated that potential inflation is more severe than expected. If the economy is weak and inflation is stable, interest rates may need to be cut again. Technically, USD/CAD faces rebound resistance at around 1.41. 

 

CNH - Uptrend↗

Support / Resistance

vs HKD 1.0852 / 1.1051

vs USD 7.10 / 7.23

 US President Trump said that he discussed the Geneva tariff agreement with China, and the teams of both sides will meet in the near future. The market is looking forward to the dawn of Sino-US trade relations. Technically, support for USD/CNH is seen at 7.10.

 

CHF - Sideways➡

Support / Resistance

vs HKD 9.3406 / 9.8076

vs USD 0.80 / 0.84

 Switzerland's CPI fell by 0.1% year-on-year in May, falling into deflation again in nearly four years. This has strengthened the market's expectations that the Swiss National Bank will implement a negative interest rate policy, which is expected to limit the performance of the Swiss franc.

 

XAU - Uptrend↗

Support / Resistance

vs HKD 24,715 / 27,461

vs USD 3,150 / 3,500

The second round of negotiations between Russia and Ukraine did not make significant progress, and the United States raised tariffs on steel and aluminum from other countries to 50%. Geopolitical and trade uncertainties are expected to continue to increase the attractiveness of safe-haven gold.

Legends

Uptrend ↗  Sideways →  Downtrend ↘

Pertaining to historical trend technical analysis only and do not reflect any forecasts.

Provided by Hang Seng Investment Services Limited

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