12 August 2024
Support / Resistance
vs USD 0.6397 / 0.6696 ⬇
vs HKD 4.9759 / 5.2303
AUD ended lower against the dollar on Friday amid fears of a U.S. recession and repricing of Fed rate undermined AUD. But the downside was capped against the backdrop of RBA’s hawkish and stronger Chinese inflation figures for July. AUDUSD fell 0.30%last Friday while AUDHKD ended at 5.12 level.
Support / Resistance
vs USD 1.0791 / 1.1024 ⬆
vs HKD 8.4344 / 8.5757
EUR ended marginally weaker against the dollar on Friday, however for the week it was almost unchanged. Data showed German inflation came in as forecast while French unemployment rate dipped slightly limiting EUR volatility. EURUSD fell 0.02% last Friday while EURHKD ended at 8.51 level.
Support / Resistance
vs USD 1.2635 / 1.2910 ⬇
vs HKD 9.8425 / 10.0789
GBP rose against the dollar on Friday but was set for its fourth consecutive week of declines, as investors weighed the prospect of more interest rate cuts from the BoE amid concerns about slowing global growth. GBPUSD rose 0.09% last Friday while GBPHKD ended at 9.94 level.
Support / Resistance
vs USD 0.5887 / 0.6072 ➡
vs HKD 4.5811 / 4.7385
NZD fell against the dollar on Friday after softer NZ inflation expectations data and escalating geopolitical tensions in the Middle East. But diminishing odds for a rate cut by RBNZ and stronger Chinese inflation data limited downside. NZDUSD fell 0.25% last Friday while NZDHKD ended at 4.67 level.
Support / Resistance
vs USD 7.0710 / 7.2861 ⬆
vs HKD 1.0720 / 1.0997
CNH rose against the dollar on Friday after data showed the country's consumer prices rose at a faster-than-expected rate in July and Friday's fixing was 11 pips stronger than the previous session. Meanwhile domestic demand is still soft. USDCNH fell 0.15% last Friday while CNHHKD ended at 1.08 level.
Support / Resistance
vs USD 1.3648 / 1.3878 ➡
vs HKD 5.6069 / 5.7172
CAD ended marginally lower against the dollar on Friday, however it notched its biggest weekly gain in 8 months despite Canadian economy shedding 2800 jobs in Jul while unemployment rate remained at a 30-month high. USDCAD rose 0.01% last Friday while CADHKD ended at 5.67 level.
Support / Resistance
vs USD 139.81 / 155.25 ⬆
vs HKD 5.0279 / 5.5470
JPY strengthened against the dollar on Friday, snapping a three-day long losing streak, however for the week it was headed for its first weekly loss in six. Meanwhile, the USD dipped and US treasury yields fell. USDJPY fell 0.45% last Friday while JPYHKD ended at 5.31 level.
Support / Resistance
vs USD 0.8414 / 0.8907 ⬆
vs HKD 8.7613 / 9.2383
CHF strengthened against the dollar on Friday, however on a weekly basis it was still headed for a loss and hovered near one-week low as major stock markets rose while US treasury yields dipped. USDCHF fell 0.14% last Friday while CHFHKD ended at 9.01 level.
Support / Resistance
vs USD 1.3127 / 1.3410 ⬆
vs HKD 5.8201 / 5.9248
SGD ended slightly stronger against the US dollar on Friday as the USD eased and long term US treasury yields fell. Investors await key inflation data due this week for fresh clues on size of Fed rate cuts. USDSGD fell 0.09% last Friday while SGDHKD ended at 5.88 level.
*Current Trend observations pertain to historical trend technical analysis only and do not reflect any forward looking fundamental views. The signal is generated with both the 20-days moving average and the 50-days moving average.
⬆ Up Trend, indicates that the currency has been moving higher against the USD
➡ Consolidation, indicates that the currency's movement against the USD has remained sideways
⬇ Down Trend, indicates that the currency has been moving lower against the USD
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