AUD/HKD Weekly Trading Forecast
The end of last week saw AUD/HKD trade in the range of 7.2069-7.2347, the pair closed at 7.2236, a 0.05% gain for the day and 0.45% for the whole week.This week the Australian Bureau of Statistics will release a report on new motor vehicle sales in the country for July. New car sales are a good indicator of how strong consumer confidence is.
If consumers are making large purchases it suggests that they have confidence in their financial prospects.
However, as car sales represent only a small segment of Australian GDP an increase would have a limited impact on the nation’s currency.
It is likely that the rate of unemployment in Hong Kong continued to rise last month. A high level of unemployment suggests a low level of consumer spending which will have a knock-on effect on corporate profits and growth.
The most crucial axis for the AUD/HKD pair is at 7.2217. Surpassing 7.2367 means it will likely continue to the projected 7.2495. Should this be the case, projections show the pair likely pushing further to 7.2644. If the pair falls short and drops below 7.2088 it is likely we will see another decent to 7.1939with the potential to slip all the way to 7.1810.