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The EIA crude oil production implied demand data for the week ending June 19 in the United States was 20.259 million barrels per day, compared with 20.12 million barrels per day in the previous week.1. EIA Report: U.S. crude oil exports increased by 342,000 barrels per day to 4.669 million barrels per day in the week ending June 19. 2. EIA Report: U.S. domestic crude oil production increased by 13,000 barrels to 13.819 million barrels per day in the week ending June 19. 3. EIA Report: Commercial crude oil inventories, excluding strategic reserves, decreased by 6.088 million barrels to 412 million barrels, a decrease of 1.46%. 4. EIA Report: The four-week average supply of U.S. petroleum products was 20.473 million barrels per day, an increase of 2.11% compared to the same period last year. 6. EIA Report: U.S. commercial crude oil imports, excluding strategic reserves, were 5.57 million barrels per day in the week ending June 19, an increase of 436,000 barrels per day from the previous week.U.S. EIA Strategic Petroleum Reserves fell by 9.06 million barrels in the week ending June 19, compared with a previous weeks decrease of 8.941 million barrels.U.S. crude oil inventories at Cushing, Oklahoma, reported a decrease of 1.077 million barrels in the week ending June 19, compared to a decrease of 1.606 million barrels in the previous week.U.S. EIA crude oil inventories for the week ending June 19 decreased by 6.088 million barrels, compared to an expected decrease of 4.461 million barrels and a previous decrease of 8.263 million barrels.

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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