Yahoo Finance AUD/USD, NZD/USD, USD/CNY – Asian Session Daily Forecast
AUD/USD
AUD/USD has posted gains in Thursday trade. In the European session, the pair is trading at 0.6920, up 0.33% on the day.
Aussie Jumps to 13-Week High
The Australian dollar has climbed 1.4% this week, marking its best week since early September. AUD/USD has improved on Thursday, after an excellent reading from Building Approvals. The indicator jumped 7.6% in September, crushing the estimate of 0.5%.
AUD/USD Technical Analysis
AUD/USD continues to gain ground and break above resistance barriers. The pair tested resistance at 0.6920 in the Asian session – the first time that has happened since late July. The primary trend is upwards, and the 50-EMA, which is at 0.6810, is also indicative of an upward trend. Above, we find resistance at 0.6960. This line could find itself under pressure early next week.
USD/CNY
USD/CNY has posted small losses on Thursday. In the European session, the pair is trading at 7.0577, down 0.11% on the day.
Yuan Higher Despite Soft Mfg. PMI
The Chinese manufacturing sector continues to contract, a result of the trade war with the U.S. and weaker global demand. The Manufacturing PMI for October dipped to 49.3, its lowest level since February 2016. Despite the dismal news, the yuan managed to post gains, and is perched at its highest level since August.
USD/CNY Technical Analysis
USD/CNY has finally broken below major support at 7.0592, after flirting with this line since mid-September. This line collapsed on Wednesday, and the pair has tested support at 7.0400 on Thursday. The 50-EMA, which is at 7.0779, is above the pair, which is indicative of a downward trend. On the downside, there is support at 7.0385. This line has held since mid-August, when USD/CNY started a strong rally that saw it reach a multi-year high of 7.18.
NZD/USD
NZD/USD has posted slight gains on Thursday. In the European session, the pair is trading at 0.6420, up 0.20% on the day.
Kiwi Jumps as Business Confidence Improves
NZD/USD jumped close to 1.0% on Wednesday, after Business Confidence took a step in the right direction. The indicator, which has been mired deep in negative territory, improved to -42.4 in October, up sharply from -53.5 a month earlier. This marked a 4-month high for the indicator.
NZD/USD Technical Analysis
NZD/USD broke through resistance at 0.6360 on Wednesday, after battling with this line all week. The pair has tested resistance at 0.6420 on Thursday. Traders should note that pair broke above the 50-EMA on Thursday, after flirting with this line all week. It’s still a bit early to determine if this is the start of an upward trend, but if we don’ t see any reversal in movement in the next few days, it could be a buying opportunity. Upwards, there is resistance at 0.6490, which is protecting the symbolic 0.65 level.
This article was originally posted on FX Empire
