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

Kenny Fisher

AUD/USD

AUD/USD has steadied on Friday, after sharp gains in the Thursday session. In European trading, the pair is trading at 0.6832, up 0.12% on the day.

Aussie Soars on Solid Job Numbers

Australia created 14.7 thousand jobs in September, shy of the forecast of 15.3 thousand, but a respectable reading. The unemployment rate ticked lower to 5.2%, down from 5.3%. The strong data propelled the Aussie higher by almost 1.0% on Thursday, its best one-day gain since January. Currently, AUD/USD is sitting on a 1-month high.

AUD/USD Technical Analysis

AUD/USD surged on Thursday, breaking above resistance lines at 0.6760 and the round number of 68.00. The trend is up, and the pair could test resistance at 0.6840 later on Friday. Above, 0.6880 has remained intact since mid-September.

AUD/USD 4-Hour Chart

USD/CNY

USD/CNY is showing limited movement in early Friday trade. In the European session, the pair is trading at 7.0834, up 0.10% on the day.

Chinese GDP Disappoints

Chinese GDP expanded by 6.0% in the third quarter, shy of the estimate of 6.1% and down from 6.2% in Q2. This marked the lowest quarterly growth rate since 1992, when records were first kept. The ongoing trade war with the U.S. has hampered growth, with the manufacturing and export sectors being particularly hard-hit.

USD/CNY Technical Analysis

USD/CNY remains range-bound, as the downward movement we saw late last week and on Monday has stalled. The round number of 7.1100 is the next resistance line. On the downside, the pair tested support at 7.0592 on Monday, but this line has since stabilized.

NZD/USD

NZD/USD has posted slight gains in Friday trade, after sharp gains on Thursday.  In the European session, the pair is trading at 0.6365, up 0.19% on the day.

NZ Dollar Jumps after Weak U.S. Mfg. Report

On Thursday, NZD/USD took advantage of a soft reading from the Philly Fed Manufacturing Index, which slowed to 5.6 in October, down from 12.0 in the previous release. This marked a 4-month low. The New Zealand dollar jumped over 1.0% on Thursday, and the NZD/USD is currently at a 1-month high.

NZD/USD Technical Analysis

NZD/USD showed sustained upward movement on Thursday, and the pair has tested resistance at 0.6357 in the Asian session. This line last saw action in mid-September – if the pair can consolidate above this line, it would be a significant breakthrough. On the upside, the next resistance line is at 0.6420.