The 1.3150 line remains relevant this week. Currently, this line is under pressure in support and could be tested during the day. This is followed by 1.3050. Below, there is support at 1.30, which has psychological significance. On the upside, we find resistance at 1.3220, followed by the round number of 1.3300.
Pacific Currencies – Daily Summary
USD/CNY continues to lose ground this week. Currently, the pair is trading at 6.9374, down 0.10% on the day. On Tuesday, the yuan touched a 5-month high against the dollar. There are no Chinese events on the schedule. On Thursday, China releases CPI, which could trigger stronger movement from the pair.
AUD/USD has steadied on Wednesday, after falling 1.1% on Tuesday. This was the sharpest one-day decline since April. Currently, the pair is trading at 0.6882, up 0.32% on the day. There was good news from the construction industry, as Building Approvals jumped 11.8%, its sharpest gain since February.
NZD/USD has recorded gains on Wednesday, recovering the losses from a day earlier. Currently, NZD/USD is trading at 0.6670, up 0.46% on the day. The New Zealand dollar remains under pressure, as it has lost close to 1.0% since the start of the year.