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On January 12th, Allianz Chief Economic Advisor Mohamed El-Erian commented on the investigation into Federal Reserve Chairman Jerome Powell, stating that the current situation may expose deeper problems and further erode the Feds already fragile public credibility. He added that he had suggested months ago that the chairman should resign to maintain the Feds independence, expressing concern about this very situation. He emphasized the urgent need for a successor who is committed to implementing necessary reforms to restore the effective operation of the worlds most influential central bank.U.S. 10-year Treasury futures rose 3 points, and 30-year Treasury futures rose 4 points.New York silver futures surged 5.00% on the day, currently trading at $83.31 per ounce.On January 12th, according to Futures News, crude oil prices were relatively strong over the weekend, but gasoline and diesel sales were sluggish. Oil market participants maintained a wait-and-see attitude, and bearish sentiment remained for residual oil and wax oil. Traders were cautious and purchased only as needed, while refineries held firm on prices to sell. With mixed news and supply and demand factors, it is expected that it will be difficult to push the price of fuel oil negotiations higher today, and most prices will remain stable for the time being.On January 12th, Federal Reserve Chairman Jerome Powell stated that the U.S. Department of Justice threatened on Friday to file criminal charges against him for his Senate testimony last June, which concerned years of renovations to a building. A grand jury subpoena was served last Friday. The new threat is unrelated to his testimony or the renovation projects; its merely a pretext. The broader question is whether the Fed will continue to set interest rates based on evidence and economic data, or will be swayed by political pressure and intimidation. The Fed will not fear political pressure or favor any political position in fulfilling its duties, and will continue to do so. While deeply respecting the rule of law, this action is unprecedented and should be examined within the context of the ongoing pressure exerted on the Fed by the current administration.

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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