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June 11 (Futures News) – According to foreign media reports, Chicago Board of Trade (CBOT) corn futures traded mixed on Wednesday, with the benchmark contract closing down 0.1%, continuing to be pressured by favorable weather conditions in the Midwest. However, short covering ahead of a major report and stronger crude oil futures provided potential support to the market. Market participants pointed out that widespread rainfall in the US Midwest this week, followed by a brief period of above-average temperatures, helped crop germination and early growth, boosting yield prospects and thus suppressing corn market performance. However, active short covering ahead of the USDAs supply and demand report on Thursday limited the downside potential for prices. The USDA will release its June supply and demand report on Thursday, and Brazils National Supply Company (Conab) will also update its crop production forecast.Japans BSI large non-manufacturing confidence index fell to -0.5 in the second quarter, compared with 4.6 in the previous quarter.On June 11th, according to foreign media reports, Chicago Board of Trade (CBOT) soybean futures closed higher on Wednesday, with the benchmark contract rising 0.9%. This was the first increase in soybean prices in nine trading days, mainly reflecting active short covering ahead of the USDAs June supply and demand report. The US strike on Iran boosted international crude oil futures, lifting sentiment in the oilseed market. The USDA will release its June supply and demand report on Thursday. According to a Wall Street Journal survey, analysts on average estimate U.S. soybean production for 2026/27 at 4.435 billion bushels, unchanged from May, which, if realized, would be the second highest on record. Analysts on average expect U.S. soybean ending stocks for 2025/26 at 336 million bushels, slightly lower than the 340 million bushels reported in May. The average estimate for new crop ending stocks for 2026/27 is 309 million bushels, slightly lower than the 310 million bushels reported in May. However, favorable weather in the Midwest for early crop growth continues to limit the upside potential for soybean prices.1. Trump: Will discuss giving back to society with leaders in the field of artificial intelligence. 2. Ministry of Industry and Information Technology: By 2028, the coverage rate of metropolitan area computing power with 1ms latency will be no less than 75%. 3. Meta: The company has reached a cooperation agreement with data centers in India that rely on artificial intelligence. 4. TSMC CFO: Does not rule out raising chip prices, but will not suddenly increase four or five times. 5. TSMCs revenue reached NT$416.98 billion in May, and sales in the first five months reached NT$1.96 trillion, a year-on-year increase of 30%. 6. SK Hynix is reportedly planning to list in the US as early as August. 7. US Senator Warren called on the SEC to postpone SpaceXs IPO. 8. Apollo and Blackstone reached a private credit agreement to provide funding for Anthropics growth plan. 9. OpenAI is negotiating a 20-year lease agreement, and Nvidia has discussed providing credit support for the project. Japan bought 197.5 billion yen in foreign bonds in the week ending June 5, compared with a previous weeks net purchase of 184.8 billion yen.

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.