Forex Technicals

More Forex Technicals

GBP - Uptrend↗

Support / Resistance

vs HKD 10.2696 / 10.7364

vs USD 1.32 / 1.38

The UK government has pledged to increase taxes and cut government spending. Markets are focused on the UK budget, which will be released in November, to see if it can restore market confidence in the UK government's financial management. Technically, GBP/USD resistance is at 1.38.

 

EUR - Sideways➡

Support / Resistance

vs HKD 8.8692 / 9.1804

vs USD 1.14 / 1.18

The European Central Bank announced it would maintain interest rates unchanged, in line with market expectations. The benchmark deposit rate remained at 2%. Technically, the EUR/USD pair faces significant resistance at the 1.18 level.

 

JPY - Uptrend↗

Support / Resistance

vs HKD 5.0194 / 5.1867

vs USD 150.00 / 155.00

Japan's annual inflation rate in September was as high as 2.9%, and the yen continued to fall, adding to Japan's future inflationary pressure, making it difficult for Prime Minister Sanae Takaichi to launch a large stimulus package to improve the economy. Technically, USD/JPY has a key resistance at 155.

 

AUD - Uptrend↗

Support / Resistance

vs HKD 4.9792 / 5.2126

vs USD 0.64 / 0.67

The United States and Australia signed an $8.5 billion mining agreement last week, pledging to invest a total of at least $2 billion in the next six months to develop mines. The key technical resistance for the AUD/USD pair is at 67 cents.

 

NZD - Uptrend↗

Support / Resistance

vs HKD 4.3957 / 4.6680

vs USD 0.57 / 0.60

The US-China trade talks yielded positive results, with both sides agreeing to extend the tariff suspension period for another year, indirectly benefiting the New Zealand economy, which is closely linked to the mainland. Technically, the New Zealand dollar faces significant resistance at 60 US cents.

 

CAD - Sideways➡

Support / Resistance

vs HKD 5.4789 / 5.6788

vs USD 1.37 / 1.42

The US announced sanctions against Russia's largest oil producer, and rising oil prices provided some support for the Canadian dollar. Technically, the next support for USD/CAD is 1.37.

 

CNH - Uptrend↗

Support / Resistance

vs HKD 1.0881 / 1.1035

vs USD 7.05 / 7.15

The progress made in China-US trade negotiations, coupled with the development blueprint for the next five years outlined at the Fourth Plenary Session of the 19th CPC Central Committee, will help boost market confidence and significantly enhance the attractiveness of RMB assets.

 

CHF - Sideways➡

Support / Resistance

vs HKD 9.4878 / 9.9744

vs USD 0.78 / 0.82

The Fed's interest rate cut expectations and the US government shutdown continue to put pressure on the US dollar. In addition, market funds seek safe havens, which provides some support for the Swiss franc.

 

XAU - Uptrend↗

Support / Resistance

vs HKD(Oz) 29,953 / 32,676

vs USD(Oz) 3,850 / 4,200

Geopolitical risks remain complex and uncertain. Coupled with buying support from central banks, the gold price decline is expected to be a healthy correction rather than a reversal of fundamentals, and will not hinder the medium- to long-term upward trend.

 

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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