Forex Technicals

More Forex Technicals

JPY - Uptrend↗

Support / Resistance

vs HKD 5.2800 / 5.5031

vs USD 142.00 / 148.00

Affected by long-term high prices, Japan's GDP unexpectedly contracted by 0.7% quarter-on-quarter in the first quarter, which strengthened the Bank of Japan's determination to fight inflation. In addition, the summary of the Bank of Japan's May interest rate meeting showed that the committee members believed there was no need to change their stance on raising interest rates, which is expected to help support the yen. Technically, USD/JPY support is at 142

 

EUR - Sideways➡

Support / Resistance

vs HKD 8.6740 / 8.9866

vs USD 1.11 / 1.15

International rating agency Standard & Poor's once pointed out that Germany's substantial increase in defense and infrastructure spending would be beneficial to its highest "AAA" rating. Technically, the support for EUR/USD is at the golden ratio of 38.2% about 1.11.

 

GBP - Sideways➡

Support / Resistance

vs HKD 10.2369 / 10.4713

vs USD 1.31 / 1.34

The UK ILO unemployment rate rose to 4.5% in March, a three-year high. The data supports the Bank of England's interest rate cut expectations, which is expected to limit the performance of the pound. Technically, the support for GBP/USD is around 1.31 on the 50-day moving average.

 

AUD - Uptrend↗

Support / Resistance

vs HKD 4.9231 / 5.2356

vs USD 0.63 / 0.67

The Reserve Bank of Australia will hold a rate meeting on Tuesday, and a 25 basis point rate cut is close to the market consensus. The market generally expects the central bank to maintain its neutral stance. Technically, the resistance of the AUD/USD is 67 cents

 

NZD - Uptrend↗

Support / Resistance

vs HKD 4.5324 / 4.7668

vs USD 0.58 / 0.61

The RBNZ's second quarter inflation survey showed that inflation expectations have rebounded to 2.3% in the next two years, which may cause the central bank to turn cautious. NZD/USD pair broke through the 200-day moving average, with the next resistance at 0.61.

 

CAD - Downtrend↘

Support / Resistance

vs HKD 5.5031 / 5.7039

vs USD 1.37 / 1.42

Statistics Canada announced that foreign investors withdrew $45.9 billion from the Canadian market in the first quarter, reflecting the impact of trade and policy uncertainties on the economy. Technically, the USD/CAD rebound resistance is around 1.42. 

 

CNH - Uptrend↗

Support / Resistance

vs HKD 1.0749 / 1.0929

vs USD 7.15 / 7.27

The recent resumption of high-level dialogue between China and the United States has increased market expectations for a easing of Sino-US economic and trade relations Technically, the USD/CNH support is at 7.15

 

CHF - Sideways➡

Support / Resistance

vs HKD 9.0865 / 9.5298

vs USD 0.82 / 0.86

Swiss National Bank President said all monetary policy options are still under consideration, including restoring negative interest rates. Due to the appreciation of the Swiss franc and low inflation, the market generally expects the Swiss National Bank to continue to cut interest rates.

 

XAU - Uptrend↗

Support / Resistance

vs HKD 23,443 / 26,569

vs USD 3,000 / 3,400

Direct talks between Russia and Ukraine failed to reach a ceasefire agreement. Coupled with the United States losing its highest "AAA" credit rating, it is expected to help increase the attractiveness of safe-haven asset gold.Technically, the biggest resistance for gold prices is $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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