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

In the Asian session, the Australian, New Zealand and Chinese currencies all showed slight movement. With a lack of fundamental events, any further activity on Tuesday would be due to technical moves.
Kenny Fisher
Forex Markets Currency Trading Concept.

AUD/USD

AUD/USD has posted slight gains in Tuesday trade. In the European session, the pair is trading at 0.6853, up 0.20% on the day.

Ahead- Consumer Inflation

Australian CPI is released each quarter, magnifying the impact of each release. The indicator posted a gain of 0.6% in the second quarter, but is expected to tick lower to 0.5% in Q3. A reading which misses the forecast could push the Aussie to lower ground.

AUD/USD Technical Analysis

AUD/USD has posted gains on Monday and Tuesday. The pair has broken through resistance at 0.6840 in the Asian session. If the pair can sustain the upward movement, resistance at 0.6880 will be under pressure. There is a major support level at the round number of 0.6800. Note that the 50-EMA lies below the pair, which indicates an upward trend and is a bullish signal.

AUDUSD 1-Hour Chart

USD/CNY

USD/CNY has recorded slight losses on Tuesday. In the European session, the pair is trading at 7.0572, down 0.14% on the day.

USD/CNY Technical Analysis

USD/CNY has tested support at 7.0592 for a fourth straight day, but is clearly having difficulty consolidating below this stubborn line. The 50-EMA, which is just below 7.08, has been above the pair for several days, signaling a downtrend. 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.

USD/CNY 1-Day Chart

NZD/USD

NZD/USD has posted slight gains in Tuesday trade. In the European session, the pair is trading at 0.6366, up 0.19% on the day. With no major New Zealand events this week, U.S. events such as GDP and the Federal rate decision will likely have a strong impact on the pair.

NZD/USD Technical Analysis

I continue to keep an eye on the line of 0.6360, which remains fluid. Below, we find support at 0.6320. On the upside, there is resistance at 0.6420. Traders should note that the 50-EMA is currently touching the candlesticks, which points to some fluidity. Given that there is no clear trend at present, trading the NZ dollar would be somewhat risky.

NZDUSD 1-Day Chart

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