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Futures News, August 4th: Following the easing of tensions between the US and Iran, crude oil prices declined, dragging down fuel oil costs and prompting downstream traders to adopt a cautious approach to high-priced purchases. Today, the news regarding low-sulfur asphalt futures offered limited support, but on the supply and demand side, increased coking plant operating rates and reduced residual oil supply provided some support to the market. It is expected that domestic fuel oil negotiations will remain largely stable today, with some potential for price reductions to encourage increased supply.According to JLC Network Technologys calculations, as of the second working day of August 4th, the average price of benchmark crude oil was $84.73 per barrel, with a change rate of -5.23%. Domestic gasoline and diesel retail prices should be reduced by 240 yuan per ton. The adjustments are based on: 1. the domestic crude oil import structure and settlement benchmark varieties; 2. the possibility of slight adjustments based on import structure and other factors during the pricing mechanisms operation, which JLC Network Technology will revise accordingly; 3. at 24:00 on July 31st, domestic gasoline and diesel retail prices were increased by 685 and 655 yuan per ton respectively. Based on the "ten working days" principle, the adjustment window for this round is 24:00 on August 14th.As of 8:30 on August 4, 2026, WTI crude oil, Brent crude oil and other commodities saw the largest fluctuations. A chart reviews the overnight price changes in the international market and their corresponding theoretical mappings in the domestic market.As of 8:30 AM Beijing time, spot platinum was up 0.06% and spot palladium was down 0.06%.Futures News, August 4th: Market concerns eased, international oil prices fell, and cost support weakened, leading to a generally weak PX market today. The short-term PX tightness situation continues, with supply and demand remaining favorable.

AUD/NZD Price Analysis: Bulls Surpass 1.0790 Resistance Confluence Due To Positive Australian Employment Report

Alina Haynes

Apr 13, 2023 14:19

 AUD:NZD.png

 

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.


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