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On July 15th, Futures News reported that soybean oil futures on the Chicago Board of Trade (CBOT) closed lower on Tuesday, with the benchmark contract down 0.7%, mainly reflecting the unwinding of oil-meal arbitrage. Traders said the unwinding of the soybean oil-sell-soybean-meal arbitrage put pressure on the soybean oil market. Improved conditions for the U.S. soybean crop and the potential easing of high temperatures in the Midwest next week also weighed on the soybean and soybean oil markets. However, stronger international crude oil futures limited the downside for soybean oil. The National Oilseed Processors Association (NOPA) will release its monthly crush report on Thursday. Analysts on average expect NOPA member companies soybean oil stocks to reach 1.653 billion pounds in June, down from 1.735 billion pounds at the end of May, but higher than the 1.384 billion pounds projected for the end of June 2025.Japans core machinery orders fell 12.4% month-on-month in May, compared with an expected decline of 4.2% and a previous reading of 8.70%.Japans core machinery orders fell 1.9% year-on-year in May, compared to a forecast of 12.90% and a previous reading of 15.60%.Futures News, July 15th - According to foreign media reports, ICE canola futures closed lower on Tuesday, with the benchmark contract down 1.98%, erasing all of Mondays gains and following the decline in external markets. Traders said that canola futures reversed course on Tuesday, not only erasing all of Mondays gains but also falling further. Declines in Chicago soybean futures and European canola futures dragged down Canadian canola prices. However, slightly higher international crude oil futures and higher Malaysian palm oil prices eased the downward pressure on the Canadian canola market. The heatwave in the Great Plains has eased somewhat, reducing its impact on the Canadian canola market. The November contract is currently still above key moving averages. The Canadian dollar strengthened on Tuesday, trading at 71.07 US cents per Canadian dollar, higher than Mondays closing price of 70.70 US cents per Canadian dollar.Artificial Intelligence: 1. The US will establish a working group to coordinate on artificial intelligence and cybersecurity. 2. OpenAI responds to Apples lawsuit: No evidence has been found to support the allegations. 3. Masayoshi Son: Nuclear fusion will become the main energy source for AI data centers in 15 years. The AI boom will require $5 trillion in investment annually. 4. Alibaba Cloud: Lowers the price of GLM-5.2 Fast mode. 5. New York State will suspend the construction of new data centers consuming 50 megawatts or more for one year. 6. The head of Googles DeepMind called for the establishment of a global AI regulatory body led by the US. 7. According to the Financial Times: DeepSeek is considering a new round of financing, which would bring the companys valuation to approximately $71 billion. 8. Nvidia and Mitsubishi Heavy Industries plan to cooperate in the field of AI data center cooling and power. 9. OpenAI plans to launch an AI smart speaker as its first hardware product, positioned as an AI companion assistant. Integrated Circuits (Chips): 1. South Korea plans to relax laws to help SK Hynix attract foreign investment to build wafer fabs. 2. The South Korean government plans to issue Nvidia GPUs to several companies participating in government AI projects. 3. UMCs Singapore wafer fab delivers its first batch of mass-produced silicon photonics wafers. 4. Report: SK Hynix accelerates mass production of HBM4 for Nvidia. 5. Samsung Electronics: Currently not considering the possibility of issuing American Depositary Receipts. 6. European Commission: Approves €659 million in German state aid for the construction of four new semiconductor factories. 7. Yangtze Memory Technologies Co., Ltd.s sale of a controlling stake in Wuhan Xinxin Semiconductor Manufacturing Co., Ltd. was unconditionally approved. Other: 1. Lucid denied bankruptcy rumors, but its stock price still fell 16%. 2. The "Guidelines for Reusable Launch Vehicle Research Projects (Third Batch)" has been officially released.

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.