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On February 9th, reports surfaced that Samsung Electronics was about to begin mass production of HBM4 memory chips used to build artificial intelligence infrastructure, sending the companys stock price up 6.4%. According to Yonhap News Agency, the South Korean tech giant plans to ship the semiconductor to Nvidia, a leader in AI accelerators, as early as the third week of February. Industry sources say these HBM chips will power the US companys upcoming Vera Rubin AI accelerator. Samsungs progress in high-bandwidth memory development indicates it is closing the gap with domestic competitors. As of last Fridays close, Samsungs stock price had risen more than 30% this year, as rising memory chip prices benefited all major players in the industry. Samsung may also have benefited from AI-related gains in the US stock market linked to data center construction. The four largest hyperscale companies plans to spend approximately $650 billion this year also contributed to Nvidias stock price rising nearly 8% last Friday.The Shenzhen Stock Exchange announced an adjustment to the list of securities eligible for the Hong Kong Stock Connect program, adding OmniVision Technologies and GigaDevice Semiconductor, effective February 9.On February 9th, Zijin Mining (02899.HK) announced that its board of directors approved the "Companys Three-Year (2026-2028) Major Mineral Product Production Plan and 2035 Vision Outline" on February 8th. The company plans to further improve its ranking in comprehensive indicators such as resource reserves, major mineral product production, sales revenue, asset size, and profit by 2028, with its copper and gold mineral product production entering the top three globally.Zijin Mining (02899.HK) released its production targets for major mineral products in 2026 and 2028, with gold production expected to reach 105 tons in 2026.February 9th - A survey closely watched by the Bank of Englands Monetary Policy Committee shows that while employers continued to reduce hiring for long-term positions in January, the pace of reduction slowed to its lowest level in 18 months. The survey, conducted by the Recruiting and Employment Confederation (REC), also showed that businesses increased the number of temporary workers deployed for the first time since October last year. Neil Carberry, CEO of REC, said: "As we head into 2026, there are increasing signs that uncertainty about hiring plans is translating into action. This doesnt mean a full-blown hiring rebound, but the wait-and-see period seems to be coming to an end." This REC report further supports the view that the UK economy is poised for a turnaround in 2026. A recent S&P survey showed that business expansion in January hit a 17-month high; a report from the Institute of Directors also indicated that executives are more optimistic about the outlook for sales, hiring, and investment.

Bulls Face a Wall of Resistance Around 1.0960-1.1000 in the AUD/NZD Price Analysis

Alina Haynes

Apr 29, 2022 09:56

The AUD/NZD is ready to recoup some of the week's losses, climbing for the third consecutive day, up a modest 0.13 percent as the Asian Pacific session begins. The AUD/NZD currency pair is trading at 1.0943 at the time of writing.

 

The week's lack of New Zealand data left the AUD/NZD exposed to the Australian economic calendar, which revealed that inflation increased by 5.1 percent year on year, above expectations of 4.6 percent and blowing the headline reading of 3.5 percent. Core inflation increased to its highest level since 2009, 3.7 percent, up from a previous reading of 2.6 percent.

 

Apart from that, sentiment improved throughout the day, and the Asian session reflected the tone on Wall Street. Investors were kept on their toes by China's coronavirus outbreak. Meanwhile, market participants shrugged aside the Ukraine-Russian spat and a weaker-than-expected US growth report as desire for risky assets surged.

 

As a result, the AUD/NZD appreciated last week on anticipation of a May rate hike by the Reserve Bank of Australia (RBA). Nonetheless, an Australian Federal Election could dissuade the RBA from acting despite a strong inflation report.

Forecasting the AUD/NZD Exchange Rate: A Technical Analysis

The AUD/NZD currency pair's bias is bullish. The pair is in an uptrend as shown by the daily moving averages (DMAs) below the exchange rate. However, Thursday's price action hit strong resistance near 1.0962, a zone that is surrounded by resistance levels between 1.0960 and 1.1000.

 

The AUD/initial NZD's resistance level on the upside would be April's 28 daily high of 1.0962. After clearing 1.0975, the next supply zone would be 1.0998.

 

On the other hand, the first demand zone for the AUD/NZD would be 1.0900. If the pair breaks below 1.0880, it will expose April's 28 swing low at 1.0824, followed by April's 25 swing low at 1.0824.

 

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