Forex Technicals

More Forex Technicals

JPY - Sideways➡

Support / Resistance

vs HKD 4.7819 / 5.1594

vs USD 152.00 / 164.00

Japan’s Ministry of Finance said on Monday (3rd) that Japan and the US have coordinated action in FX markets, following joint intervention on Friday (31st) that lifted the yen. Officials signalled readiness to act again, keeping near-term intervention risks supportive for the currency

 

EUR - Uptrend↗

Support / Resistance

vs HKD 8.8618 / 9.0971

vs USD 1.13 / 1.16

Eurozone inflation edged up to 2.9% in July, while core inflation accelerated to 2.5%. Alongside stronger-than-expected second-quarter growth, this strengthens the case for another ECB rate increase. As a result, expectations of further tightening are likely to continue supporting the euro’s exchange rate

 

GBP - Uptrend↗

Support / Resistance

vs HKD 10.3518 / 10.5871

vs USD 1.32 / 1.35

UK Chancellor John Healey said he has instructed Cabinet ministers to reduce budgets and rein in rising welfare spending. He also pledged to adhere to fiscal rules and did not rule out tax rises in the Budget. Markets expect fiscal improvement may support sterling, with attention on his first Budget

 

AUD - Sideways➡

Support / Resistance

vs HKD 5.4112 / 5.5680

vs USD 0.69 / 0.71

Reuters reported on Monday (3rd) that Iran denied plans for talks with the US, cooling expectations of a peace agreement and weighing on risk sentiment. In Australia, softer inflation and a weaker housing market reduced RBA rate-hike expectations, potentially capping further gains in the Australian dollar

 

NZD - Sideways➡

Support / Resistance

vs HKD 4.4701 / 4.7838

vs USD 0.57 / 0.61

New Zealand’s Q2 inflation pressures intensified, bolstering expectations of RBNZ tightening. Markets are watching Wednesday (5th) Q2 employment data for further guidance on the policy outlook. Anticipation of a potential rate increase as early as September continues to underpin the New Zealand dollar

 

CAD - Sideways➡

Support / Resistance

vs HKD 5.5227 / 5.6828

vs USD 1.38 / 1.42

Canada’s economy expanded by 0.3% in May, outperforming forecasts. Statistics Canada also revised April growth up from 0.5% to 0.6%, indicating that earlier weakness is gradually easing. That said, the outlook still depends on how US–Canada trade relations evolve

 

CNH - Uptrend↗

Support / Resistance

vs HKD 1.1533 / 1.1653

vs USD 6.73 / 6.80

The Politburo pledged to accelerate fiscal spending in the second half to boost domestic demand, while adopting a gradual policy approach to support growth. Together with resilient exports and continued efforts to internationalise the renminbi, these factors should underpin a steady appreciation in the currency

 

CHF - Sideways➡

Support / Resistance

vs HKD 9.5638 / 9.9270

vs USD 0.79 / 0.82

Middle East volatility is sustaining high oil prices, prompting major central banks to retain a hawkish bias to contain inflation. Switzerland’s softer inflation may allow the SNB to keep rates low for longer, reinforcing the Swiss franc’s funding-currency role and likely constraining CHF performance

 

XAU - Uptrend↗

Support / Resistance

vs HKD(Oz) 28,232 / 32,938

vs USD(Oz) 3,600 / 4,200

US inflation softened in June, and the Fed’s limited forward guidance after its policy meeting prompted markets to dial back expectations of further tightening. Meanwhile, the World Gold Council reported a sharp rise in global central bank purchases in Q2, supporting gold prices

 

Legends

Uptrend ↗  Sideways →  Downtrend ↘

*Pertaining to historical technical trend analysis only and do not reflect any forecasts or any forward looking views

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