Forex Technicals

More Forex Technicals

GBP - Uptrend↗

Support / Resistance

vs HKD 10.4448 / 10.7565

vs USD 1.34 / 1.38

Bank of England policy committee member Mann said that research shows that the persistence of inflation has increased, so it is appropriate to keep interest rates unchanged for a longer period of time.Technically, the resistance for GBP/USD is around 1.38.

 

EUR - Sideways➡

Support / Resistance

vs HKD 8.8079 / 9.1976

vs USD 1.13 / 1.18

ECB board member said that challenges to the Federal Reserve's independence could pose global risks. Europe should take action to strengthen confidence in the euro as a safe currency.Technically, the key resistance for EUR/USD is around the 1.18 level.

 

JPY - Uptrend↗

Support / Resistance

vs HKD 5.2313 / 5.4129

vs USD 144.00 / 149.00

Although Japan's service sector PPI remained at a relatively high level, reflecting that companies continued to pass on cost inflation to consumers. The data reinforced the view that the Bank of Japan will resume raising interest rates. Technically, the USD/JPY has a support at 144

 

AUD - Uptrend↗

Support / Resistance

vs HKD 4.9885 / 5.2224

vs USD 0.64 / 0.67

Australia's CPI rose 2.8% year-on-year in July, much higher than the 1.9% in the previous month, reflecting that inflation volatility remains high, reinforcing the Reserve Bank of Australia's view of cautious interest rate cuts.AUD/USD resistance at 76.4% Fibonacci about 67 US cents.

 

NZD - Sideways➡

Support / Resistance

vs HKD 4.5209 / 4.6768

vs USD 0.58 / 0.60

New Zealand's ANZ Business Outlook Index rose for the third consecutive month in August, reflecting that businesses are becoming more optimistic about the prospects for economic recovery. Technically, NZD/USD faces next key support at 58 cents.

 

CAD - Sideways➡

Support / Resistance

vs HKD 5.5676 / 5.7313

vs USD 1.36 / 1.40

The U.S. EIA reported a decrease of 2.392 million barrels of crude oil inventories last week, reflecting rising energy demand. This is expected to help stabilize oil prices.Technically, the support for USD/CAD is around the bottom of the Bollinger Band at approximately 1.36.

 

CNH - Uptrend↗

Support / Resistance

vs HKD 1.0781 / 1.0978

vs USD 7.10 / 7.23

China's State Council is reportedly considering allowing a stablecoin backed by the renminbi to be used globally in a move towards currency internationalization. This is expected to help support the performance of the RMB.

 

CHF - Sideways➡

Support / Resistance

vs HKD 9.3911 / 9.8666

vs USD 0.79 / 0.83

Swiss National Bank Vice President said that the threshold for cutting interest rates to negative is higher than the general rate cut. The central bank is unlikely to implement a negative interest rate policy in the short term, and the Swiss franc is expected to consolidate.

 

XAU - Uptrend↗

Support / Resistance

vs HKD 24,943 / 27,281

vs USD 3,200 / 3,500

US President Trump announced the immediate dismissal of Federal Reserve Board Governor Cook. This has heightened market concerns about the independence of the Federal Reserve.Technically, the key resistance for gold prices is around $3,500.

 

Legends

Uptrend ↗  Sideways →  Downtrend ↘

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

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