Yahoo Finance AUD/USD, NZD/USD, USD/CNY – Aussie Slips, NZ Dollar and Yuan Remain Steady
AUD/USD has sustained considerable losses on Thursday, after a lackluster performance earlier in the week. In the European session, the pair is trading at 0.6805, down 0.50% on the day. The Aussie has dropped into 0.67-territory for the first time since mid-October.
Soft Job Numbers Send Aussie Downwards
The markets were greeted with weak employment numbers early on Thursday. Employment change fell by 19.0 thousand, compared to the estimate of +16.2 thousand. This was the first decline since July 2018. The unemployment rate rose to 5.3%, up from 5.2%.
AUD/USD Technical Analysis
In the Asian session, the pair easily broke below the 50-EMA, which is at 0.6833, and went on to test support at 0.6807. Will the downtrend continue? The next support line is at 0.6770, so there is room for AUD/USD to push lower. On the upside, 0.6807 remains fluid and could see further action during the day. Above, there is resistance at 0.6820.
USD/CNY
USD/CNY is almost unchanged on Thursday. In the European session, the pair is trading at 7.0181, down 0.04% on the day.
Yuan Shrugs off Soft Industrial Data
Chinese industrial production slowed considerably in October. The indicator gained just 4.6%, compared to 5.4% a month earlier. This release underscores the broad-based slowdown in the manufacturing sector, much of which is due to the trade war with the U.S.
USD/CNY Technical Analysis
USD/CNY has pulled away from the symbolic 7.00 level, but it’s too early to tell if this will become a sustained uptrend. On the upside, we find resistance at 7.0400. On the downside, there is support at 6.9735, which was tested late last week. Below, we have support at 6.9500.
NZD/USD
NZD/USD has posted slight losses on Thursday, after gaining 1.2% on Wednesday. In the European session, the pair is trading at 0.6396, down 0.23% on the day. Later in the day, New Zealand releases Business NZ Manufacturing Index, which has been in contraction mode for the past three months.
NZD/USD Technical Analysis
There is immediate resistance at 0.6420, as this line remains relevant. Above, we find resistance at 0.6490, protecting the round number of 0.6500. On the downside, the pair broke above the 50-EMA on Wednesday, and this line has switched to a support role. Currently, it is at 0.6372. Below, there is weak support at 0.6357. The support level of 0.6300 has strengthened after the pair’s sharp gains on Wednesday.
This article was originally posted on FX Empire
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