Forex Technicals

More Forex Technicals

AUD - Uptrend↗

Support / Resistance

vs HKD 4.9777 / 5.2888

vs USD 0.64 / 0.68

Australia's unemployment rate remained unchanged at 4.2% in August. This strengthens expectations that the Reserve Bank of Australia will be cautious in cutting interest rates, which is expected to support the Australian dollar. AUD/USD resistance at about 68 US cents.

 

EUR - Sideways➡

Support / Resistance

vs HKD 8.9442 / 9.2553

vs USD 1.15 / 1.19

The eurozone's current account surplus narrowed slightly to €35 billion in July, reflecting the continued impact of US tariff policies on the region's merchandise trade supply chain. Technically, the key resistance for EUR/USD is around the 1.19 level.

 

JPY - Uptrend↗

Support / Resistance

vs HKD 5.2199 / 5.4011

vs USD 144.00 / 149.00

The improvement in Japan's trade provides conditions for the Bank of Japan to resume interest rate hikes, which is expected to be beneficial to the performance of the yen.Technically, the USD/JPY has a support at 144

 

GBP - Uptrend↗

Support / Resistance

vs HKD 10.3442 / 10.7331

vs USD 1.33 / 1.38

After the Bank of England's September interest rate meeting, the Policy Committee (MPC) voted 7:2 to keep the interest rate unchanged at 4%. The statement said that in response to slow growth and high inflation, a gradual and cautious interest rate cut is still appropriate. Technically, the resistance for GBP/USD is around 1.38.

 

NZD - Sideways➡

Support / Resistance

vs HKD 4.5110 / 4.6666

vs USD 0.58 / 0.60

New Zealand's economy fell into contraction again on a quarterly basis, reinforcing market expectations that the Reserve Bank of New Zealand will need to continue cutting interest rates.Technically, the NZD/USD pair faces a major resistance at 60 cents.

 

CAD - Sideways➡

Support / Resistance

vs HKD 5.5554 / 5.6771

vs USD 1.37 / 1.40

The Bank of Canada will cut interest rates by 25 basis points to 2.5% after its Wednesday meeting, as expected. The statement suggesting there is still room for future interest rate cuts.Technically, the support for USD/CAD is around the bottom of the Bollinger Band at approximately 1.37.

 

CNH - Uptrend↗

Support / Resistance

vs HKD 1.0878 / 1.1111

vs USD 7.00 / 7.15

In August, property prices in 70 large and medium-sized cities in mainland China fell by 2.5% year-on-year, the smallest drop since March last year, reflecting the effectiveness of the central government's policies to stabilize the property market.

 

CHF - Sideways➡

Support / Resistance

vs HKD 9.4849 / 9.9713

vs USD 0.78 / 0.82

Switzerland's PPI fell 1.8% year-on-year in August, marking the 28th consecutive month of decline. This reflects continued deflation in prices and heightened market concerns about the Swiss National Bank's potential intervention in the foreign exchange market. Expected to limit Swiss franc performance

 

XAU - Uptrend↗

Support / Resistance

vs HKD 27,222 / 29,555

vs USD 3,500 / 3,800

The Federal Reserve's interest rate dot chart predicts two more rate cuts totaling 50 basis points this year. Furthermore, the continued tensions between Russia, Ukraine, and the Middle East are expected to further enhance the attractiveness of gold as a safe haven. Technically, the key resistance for gold prices is around $3,800.

 

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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