Forex Market: AUD/HKD daily forecast

During yesterday’s trading session AUD/HKD traded within the range of 7.2317-7.2627 and closed at 7.2599.

At 5:58 GMT today AUD/HKD was adding 0.1% for the day to trade at 7.2673. The pair touched a daily high at 7.2714 at 5:35 GMT, breaching the first key resistance.

Fundamental view

The jobless rate in Hong Kong probably remained unchanged at 3.1% in June, matching the 3.1% reading in the previous month. The jobless rate in the country averaged 3.75% from 1981 until 2014, marking an all time high of 8.5% in June 2003 and a record low of 1% in July 1989.

The unemployment rate is compiled, based on data obtained from a monthly General Household Survey. The workforce is defined as the land-based non-institutional population aged 15 and over. On the other hand, the unemployed people should fulfill the following conditions: haven’t worked for pay or profit in the 7 days before enumeration; haven’t had the ability to work in the 7 days before enumeration; have actively sought work 30 days before enumeration.

The Hong Kong unemployment rate will be reported by the nation’s Census and Statistics Department at 8:30 GMT. In case the jobless rate is lower-than-expected, this would heighten the appeal of the Hong Kong dollar.

Technical view

According to Binary Tribune’s daily analysis, in case AUD/HKD manages to breach the first resistance level at 7.2712, it will probably continue up to test 7.2824. In case the second key resistance is broken, the pair will probably attempt to advance to 7.3022.

If AUD/HKD manages to breach the first key support at 7.2402, it will probably continue to slide and test 7.2204. With this second key support broken, the movement to the downside will probably continue to 7.2092.