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On March 10, Nomura published a research report stating that JD Health (06618.HK)s revenue in the second half of fiscal year 2024 increased by 13% year-on-year, exceeding the market and the banks forecast by 1% respectively; non-IFRS operating profit margin increased by 0.4 percentage points to 3.4%, exceeding the banks forecast by 0.2 percentage points; non-IFRS net profit increased by 27% year-on-year, exceeding the market and the banks forecast by 15% and 6% respectively. Nomura raised JD Healths revenue forecasts for fiscal years 2025 and 2026 by 2% and 3% respectively; net profit forecasts were lowered by 8% and 11% respectively. The bank also maintained JD Healths buy rating and raised the stocks target price from HK$31 to HK$41.5.On March 10, Macquarie published a report stating that JD.com (09618.HK) had solid performance in the fourth quarter under the support of the trade-in program, which also boosted other product categories. It is expected that the trade-in support will continue in the first half of this year. At the same time, it is expected that JD.coms food delivery will bring incremental losses, but it is believed that it will increase user engagement. The report maintains JD.coms outperform rating, and the H-share target price is raised from HK$225 to HK$230. It is expected that any incremental losses will be offset by JD.coms continued efficiency improvement in retail. The bank raised JD.coms profit forecast for this year and next year by 5% and 4% respectively, reflecting the overall strength of the supply chain.Hong Kong-listed Nayuki Tea (02150.HK) fell by more than 25% at the beginning of trading and is now down 18%.The Hang Seng Tech Index turned positive at the beginning of the session but then weakened again, falling more than 1%. The Hang Seng Index is now down 0.6%.On March 10, Faraday Future (FFIE.O) announced that the company had successfully held a special shareholders meeting on March 7, 2025, and all proposals were approved. Among them, the proposal to increase authorized shares was approved, which will help the company issue common shares when necessary for the conversion of convertible notes and the exercise of issued warrants to fulfill existing obligations, or to support the companys future financing or acquisition transactions, employee incentive plan implementation and other reasonable corporate purposes. In line with the principle of prudent management of equity, the number of authorized shares of common stock increased by 24%.

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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