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Hang Seng Index futures closed down 0.2% at 23,253 points in overnight trading, a discount of 97 points.July 4th - As of 2:30 PM closing, the Shanghai Gold futures contract rose 0.81%, the Shanghai Silver futures contract rose 1.61%, and the SC crude oil futures contract fell 0.16%.July 4th - As of 2:30 PM closing, the Shanghai Gold futures contract rose 0.81% to 913 yuan/gram, the Shanghai Silver futures contract rose 1.61% to 15,294 yuan/kilogram, and the SC Crude Oil futures contract fell 0.16% to 438 yuan/barrel.On July 4th, it was reported that European Central Bank (ECB) President Christine Lagarde will personally attend next weeks EU finance ministers meeting in Brussels, instead of being represented by a vice president. According to the ECBs weekly schedule, Lagarde will not only attend the Eurogroup meeting on July 9th but also the meeting of the Council for Economic and Financial Affairs (Ecofin) the following day. This arrangement is unusual, as such meetings are typically represented by the ECB vice president. Since assuming the position of ECB vice president in early June, Vujicic has already attended one Ecofin meeting. The ECB schedule also indicates that he will travel to Athens next Friday for a meeting. Lagardes decision to personally attend these two meetings comes amidst speculation that she may step down early to pursue a political career in France.Brazilian government: Data shows that crude oil exports in June were 8.48 million tons, compared to 7.95 million tons in the same period last year.

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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