Forex Market: AUD/HKD daily forecast

During Friday’s trading session AUD/HKD traded within the range of 7.2383-7.2901 and closed at 7.2846.

At 6:35 GMT today AUD/HKD was losing 0.07% for the day to trade at 7.2794. The pair touched a daily low at 7.2744 at 1:45 GMT.

Fundamental view

Hong Kong

At 11:30 GMT today, the Census and Statistics Department of Hong Kong will release the nation’s Consumer Price Index (CPI) for June. In May the index came in at 3.7%.

The Consumer Price Index (CPI) measures the changes over time in the price level of consumer goods and services generally purchased by households in Hong Kong. The indicator, which measures the year-on-year rate of change in the CPI, is widely used as an indicator of the inflation affecting consumers.

Technical view

According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 7.2710. In case AUD/HKD manages to breach the first resistance level at 7.3037, it will probably continue up to test 7.3228. In case the second key resistance is broken, the pair will probably attempt to advance to 7.3555.

If AUD/HKD manages to breach the first key support at 7.2518, it will probably continue to slide and test 7.2192. With this second key support broken, the movement to the downside will probably continue to 7.2001.