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

AUD/USD

AUD/USD is trading sideways in Monday trade. In the European session, the pair is trading at 0.6818, down 0.05% on the day. The fundamental front is very quiet on Monday, with no Australian events and only minor indicators in the United States. I expect the pair to remain calm for the remainder of the day.

AUD/USD Technical Analysis

AUD/USD dropped 0.49% on Thursday and broke through support at 0.6840. This was the strongest one-day drop since October 1. However, the pair has since leveled off.  There is a major support level at the round number of 0.6800. Note that the 50-EMA lies just above this level, so this support line could be a substantial obstacle for the pair.

 

USD/CNY

USD/CNY  was almost unchanged last week as the pair continues to show limited movement. In Monday’s European session, the pair is trading at 7.0591, down 0.08% on the day.

USD/CNY Technical Analysis

The line of 7.0592 has been under pressure in support for most of the second half of October, but continues to show resilience. The 50-EMA is close to 7.08, which is acting as resistance on the pair. I expect USD/CNY to continue to test support at 7.0592 – if this line breaks, it would be a significant breakthrough. Below, there is support at the round number of 7.0400.

NZD/USD

NZD/USD is trading sideways on Monday, after recording substantial losses on Thursday. In the European session, the pair is trading at 0.6376, down 0.03% on the day. Banks in New Zealand are closed for the Labor Day Holiday, so NZD/USD is unlikely to show much movement in the Monday session.

NZD/USD Technical Analysis

The U.S. dollar rallied late last week, as NZD/USD dropped over 1.0%. On Friday, the pair tested support at 0.6360, and this line remains fluid. Below, we find support at 0.6320. The primary trend is down, so this line could face pressure later this week. On the upside, 0.6420 has some breathing room as NZD/USD has moved to lower ground.