15 May 2025
Support / Resistance
vs USD 1.1017 / 1.1377 ➡
EUR ended lower against the dollar yesterday reversing gains from earlier in the day. ECB’s Nagel advocated a ‘wait and see’ strategy for policy while ECB colleagues, Villeroy and Knot, pointed to a greater likelihood of a Jun rate cut. EURUSD fell 0.09% yesterday while EURHKD ended at 8.72 level.
Support / Resistance
vs USD 1.3116 / 1.3423 ➡
GBP weakened against the US dollar yesterday. BoE’s Catherine Mann suggested that she did not vote for a cut last week as the market had already lowered borrowing costs. Focus moves to UK's Q1 GDP data due for release later today. GBPUSD fell 0.32% yesterday while GBPHKD ended at 10.35 level.
vs USD 0.6349 / 0.6509 ⬆
AUD ended weaker against the US dollar yesterday giving up gains from earlier in the day when Q1 data showed the wage price index rose to 0.9% QoQ while in year-on-year terms the increase was 3.4%. Focus moves to employment data due today. AUDUSD fell 0.66% yesterday while AUDHKD ended at 5.01 level.
Support / Resistance
vs USD 0.5822 / 0.6000 ➡
NZD ended weaker against the US dollar yesterday. New Zealand's economic outlook remains clouded by expectations of a dovish shift from the RBNZ. Analysts widely anticipate the RBNZ to lower OCR at its next policy meeting. NZDUSD fell 0.66% yesterday while NZDHKD ended at 4.60 level.
Support / Resistance
vs USD 1.3815 / 1.4083 ➡
CAD weakened against the US dollar yesterday as oil prices fell and interest rate spreads moved further in favor of the USD. Data showed the value of Canadian building permits fell by 4.1% in Mar from Feb, with the largest decrease posted by Ontario. USDCAD rose 0.34% yesterday while CADHKD ended at 5.58 level.
Support / Resistance
vs USD 142.93 / 149.61 ⬇
JPY strengthened against the US dollar yesterday. News report indicated Japanese FM Katsunobu Kato is hoping to meet with Treasury Secretary Scott Bessent at the upcoming Group of Seven meeting and possibly discuss foreign exchange and tariffs. USDJPY fell 0.49% yesterday while JPYHKD ended at 5.32 level.
Data source: Refinitiv, dated 15 May 2025 before 9:30 am
‘Support level’ is the level where the exchange rate tends to find support as it is going down i.e. market participants tend to see value at these levels and price is more likely to bounce up rather than go lower.
‘Resistance level’ is the level where it tends to find resistance as it is going up i.e. market participants tend to consider this as a ceiling and prevent prices from going up further.
We derive the support and resistance level using ‘Pivot Points’ which takes into account the high, low and close prices in the prior period of 15 days. *Please note that the indicative support and resistance level are given for general reference only. Customers should not rely on this information to buy or sell currency.
Relative Strength Index (RSI): Is a technical momentum indicator that compares the magnitude of recent gains to recent losses in an attempt to determine overbought and oversold conditions of an asset. The scale is 0 - 100 and typically overbought conditions are indicated by readings >70 and oversold conditions when <30.
Moving average: Is an indicator frequently used in technical analysis showing the average value of a currency’s price over a set period. Moving averages are generally used to measure momentum and define areas of possible support and resistance. Moving averages are used to emphasize the direction of a trend and to smooth out price and volume fluctuations, or ‘noise’, that can confuse interpretation.
Moving Average Convergence Divergence (MACD) : is a type of oscillator that can measure market momentum as well as follow or indicate the trend. The convention for the MACD analysis is to use an Exponential Moving Average (EMA). MACD consists of two lines, the MACD Line and the Signal Line. The MACD Line measures the difference between a short moving average and a long moving average. The Signal Line is a moving average of the MACD Line.
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