AUD/USD, NZD/USD, USD/CNY – Asian Session Daily Forecast

Good morning, as we begin the new trading week. The NZ dollar is flat, while the Aussie is slightly lower. The Chinese yuan has been flat for almost a week, due to an extended bank holiday in China, which ends on Monday.
Kenny Fisher
Foreign currency banknotes

AUD/USD

AUD/USD has posted slight losses in Monday trade. In the Asian session, the pair is trading at 0.6750, down 0.20% on the day.

Weak Construction Report Weighing on Aussie

The week has started on a down note, as Australia’s AIG Construction Index dropped to 42.6 in September, down from 44.6 a month earlier. The index has been mired in contraction territory (below the 50-level) for 13 successive months, as the construction sector continues to struggle. On Tuesday, we’ll get a look at business and consumer confidence data, so traders should be prepared for stronger movement from AUD/USD.

AUD/USD Technical Analysis

The line of 0.6760 remains relevant. AUD/USD broke above this line late last week but has since retracted back below this line. It could test this level during the Monday session. Above, we have resistance at the round number of 68.00. On the downside, 0.6710 is providing support. Below, 0.6665 is a major support level.

AUD/USD 4-Hour Chart

USD/CNY

Chinese banks have been closed for an extended holiday since early last week, which has kept USD/CNY pegged at 7.1476 throughout that time. The banks will remain closed until Tuesday. On Tuesday, China will release Services PMI, which is expected to remain steady at 52.1.

USD/CNY Technical Analysis

The main trend has been up since mid-September, and it will be interesting to see if the dollar will continue its upward gains. If so, resistance at 7.1700, which has held firm for a month, could face pressure. On the downside, there is support at 7.1100.

USD/CNY 1-Day Chart

NZD/USD

NZD/USD ended the week unchanged, and the lack of activity has continued on Monday. In the Asian session, the pair is trading at 0.6316, up 0.01% on the day.

New Zealand will not release any data until Thursday, so we can expect U.S. numbers to have a magnified effect on NZD/USD.  This includes key inflation indicators and the minutes of the Federal Reserve’s September policy meeting.

 

NZD/USD Technical Analysis

After breaking above resistance at 0.6280 on Thursday, NZD/USD has remained range-bound. There is a Fibonacci level at 0.6357, which has held in resistance since mid-September. Above, we find resistance at 0.6430. On the downside, 0.6280 is providing support.

NZD/USD 4-Hour Chart

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