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Japanese Prime Minister Sanae Takaichi urged the cabinet to seek new sources of oil imports. It is estimated that approximately 60% of crude oil imports in May will bypass the Strait of Hormuz.European seaborne gas supplies have seen their first monthly decline in over a year, driven by terminal construction and tightening global gas supplies. Data shows that the number of liquefied natural gas (LNG) carriers arriving in Europe so far this month is lower than in April last year, and this gap is widening over time. Data intelligence firm Kpler predicts that imports this month may fall by about 3%, marking the first year-on-year decline since early 2025. Kpler analyst Ronald Pinto stated that the decline in European imports in April reflected a combination of factors, including planned maintenance and unplanned shutdowns at import terminals in Spain, Greece, Italy, and Germany, as well as tightening global supplies.On April 24th, the Shanghai Futures Exchange (SHFE) reported the following warehouse receipts and changes: 1. International copper futures warehouse receipts: 11,180 tons, unchanged from the previous trading day; 2. Zinc futures warehouse receipts: 100,446 tons, a decrease of 575 tons from the previous trading day; 3. Silver futures warehouse receipts: 689,522 kg, an increase of 41,321 kg from the previous trading day; 4. TSR20 rubber futures warehouse receipts: 37,699 tons, unchanged from the previous trading day; 5. Stainless steel warehouse futures warehouse receipts: 50,242 tons, unchanged from the previous trading day; 6. Fuel oil futures warehouse receipts: 134,350 tons, unchanged from the previous trading day; 7. Nickel futures warehouse receipts: 66,728 tons, a decrease of 60 tons from the previous trading day; 8. Lead futures warehouse receipts: 57,203 tons, unchanged from the previous trading day; 9. Alumina futures warehouse receipts totaled 467,213 tons, a decrease of 902 tons from the previous trading day; 10. Aluminum futures warehouse receipts totaled 441,640 tons, a decrease of 101 tons from the previous trading day; 11. Medium-sulfur crude oil futures warehouse receipts totaled 3,511,000 barrels, unchanged from the previous trading day; 12. Low-sulfur fuel oil warehouse futures warehouse receipts totaled 8,170 tons, unchanged from the previous trading day; 13. Petroleum asphalt plant warehouse futures warehouse receipts totaled 43,170 tons, a decrease of 2,130 tons from the previous trading day; 14. Petroleum asphalt warehouse futures warehouse receipts totaled 31,510 tons, unchanged from the previous trading day; 15. Hot-rolled coil futures warehouse receipts totaled 612,948 tons, unchanged from the previous trading day; 16. Tin futures warehouse receipts totaled 6,858 tons, a decrease of 387 tons from the previous trading day; 17. 18. Natural rubber futures warehouse receipts: 127,500 tons, up 2,300 tons from the previous trading day; 19. Gold futures warehouse receipts: 109,143 kg, unchanged from the previous trading day; 20. Butadiene rubber futures warehouse receipts: 34,860 tons, down 810 tons from the previous trading day; 21. Copper futures warehouse receipts: 112,043 tons, down 6,454 tons from the previous trading day; 22. Pulp warehouse futures warehouse receipts: 187,438 tons, unchanged from the previous trading day; 23. Pulp mill warehouse futures warehouse receipts: 15,000 tons, unchanged from the previous trading day; 24. Rebar warehouse futures warehouse receipts: 87,203 tons, unchanged from the previous trading day.The Bank of England: Businesses expect wages to rise by 3.4% over the next year. The March forecast was for a 3.5% increase.Bank of England: UK businesses expect prices to rise by 3.8% over the next year. A 3.5% increase is projected for March.

AUD/NZD Price Analysis: Bulls Surpass 1.0790 Resistance Confluence Due To Positive Australian Employment Report

Alina Haynes

Apr 13, 2023 14:19

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AUD/NZD supporters are approaching their highest levels since early March as a result of a four-day uptrend following Thursday morning's release of robust Australian employment data. At the time of publication, the currency pair is accepting bids to reestablish the multi-day high near 1.0810.

 

The Australia Bureau of Statistics (ABS) reported for the month of March that Employment Change increased by 53K compared to 20K expected and 64.6K previously, while the Unemployment Rate remained unchanged at 3.6% compared to expectations of 3.6%. In addition, the Participation Rate rose to 66.7%, exceeding the 66.7% predicted by the market.

 

The AUD/NZD pair surpassed the previous critical resistance confluence surrounding 1.0790, which was comprised of the 100-day moving average (DMA) and a one-month-old downward trend line.

 

The bullish MACD signals and stronger, non-overbought RSI (14) line contribute to the strength of the upside bias.

 

The AUD/NZD bulls are currently positioned to test the 50-day moving average of 1.0824. However, the preceding monthly apex of about 1.0895 and the round number 1.0900 may limit future gains.

 

Alternately, retracement remains elusive until the AUD/NZD pair remains above the support-turned-resistance level of 1.0790.

 

Then, a breach of the upward-sloping trend line from March 5 and the 61.8% Fibonacci retracement level of the pair's run-up from December 2022 to February 2023, located near 1.0705, could give the bears room to maneuver in their subsequent analysis.