Forex Technicals

More Forex Technicals

JPY - Uptrend↗

Support / Resistance

vs HKD 5.3508 / 5.6222

vs USD 138.00 / 145.00

The Bank of Japan will hold a rate meeting on Thursday (1st), and keeping the interest rate unchanged is close to the market consensus. However, facing high inflation, the market estimates that the Bank of Japan will maintain a hawkish stance, which is expected to be beneficial to the yen. Technically, USD/JPY's next support at 138

 

EUR - Sideways➡

Support / Resistance

vs HKD 8.6897 / 9.0777

vs USD 1.12 / 1.17

The Eurozone Economic Sentiment Index continued to drop to 93.6 in April, reflecting that the economic outlook in the region is still pessimistic, which is expected to limit the euro. Technically, the EUR/USD's next resistance is 1.17.

 

GBP - Sideways➡

Support / Resistance

vs HKD 10.1639 / 10.5518

vs USD 1.31 / 1.36

The UK CBI retail index unexpectedly improved to -8 in April. However, the economic expectations index fell to -33 in May, reflecting that companies are pessimistic about the economic outlook. Technically, the resistance of GBP/USD is around 1.36, the top of the Bollinger Band.

 

AUD - Uptrend↗

Support / Resistance

vs HKD 4.8104 / 5.1207

vs USD 0.62 / 0.66

Australia will hold a general election on Saturday. The latest polls show that the Labor Party's lead in the vote has expanded to about 4 percentage points. Technically, the resistance of AUD/USD is around 66 cents.

 

NZD - Uptrend↗

Support / Resistance

vs HKD 4.5000 / 4.7328

vs USD 0.58 / 0.61

New Zealand's finance minister plans to cut this year's budget by nearly half to NZ$1.3 billion, which is expected to limit the pace of local economic recovery and the outlook for the New Zealand dollar. Technically, the NZD/USD broke through the 200-day line, and the next resistance is 0.61

 

CAD - Downtrend↘

Support / Resistance

vs HKD 5.4639 / 5.6633

vs USD 1.37 / 1.42

The preliminary vote count in the Canadian election showed that the Liberal Party led by Prime Minister Carney won 168 seats, but less than half of the 172 seats, and needed to form a minority government. Technically, USD/CAD's rebound resistance is around 1.42 on the 50-day moving average.

 

CNH - Uptrend↗

Support / Resistance

vs HKD 1.0556 / 1.0746

vs USD 7.22 / 7.35

The Politburo meeting believes that the current economy is still showing a positive trend and will focus on the "four stability" of employment, enterprises, markets and expectations.Technically, USD/CNH is supported at the 200-day line of about 7.22

 

CHF - Sideways➡

Support / Resistance

vs HKD 9.2365 / 9.5786

vs USD 0.81 / 0.84

There are concerns that the appreciation of the Swiss franc will increase the chances of the Swiss National Bank implementing negative interest rates.It is expected to limit the performance of the Swiss franc

 

XAU - Uptrend↗

Support / Resistance

vs HKD 24,440 / 27,155

vs USD 3,150 / 3,500

Iran's foreign minister said he was "extremely cautious" about the US-Iran nuclear deal. His remarks heightened tensions in the Middle East and are expected to help support the appeal of safe-haven gold. Technically, the gold price's next resistance is at $3,500.

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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