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Futures News, April 16th: Enterprise Singapore (ESG) reported that Singapores light distillate fuel inventories rose by 1.495 million barrels to a three-week high of 18.002 million barrels in the week ending April 15th.Futures News, April 16th: Enterprise Singapore (ESG) reported that as of the week ending April 15th, Singapores middle distillate fuel inventories rose by 1.434 million barrels, reaching a 25-week high of 10.272 million barrels.According to a report from Futures on April 16, Enterprise Singapore (ESG) reported that Singapores fuel oil inventories rose by 1.943 million barrels to a three-week high of 23.665 million barrels in the week ending April 15.Italys final harmonized CPI annual rate for March was 1.6%, below the expected 1.5% and the previous reading of 1.50%.April 16th - According to foreign media reports, EU officials stated that the EU is drafting a plan to address the impending shortage of aviation fuel and maximize refinery output. European airlines have warned of potential aviation fuel shortages within weeks due to the conflict with Iran, disrupting pre-summer flight schedules. Europe is more dependent on aviation fuel imports than other transport fuels, with approximately 75% coming from the Middle East. A draft indicates that starting next month, the European Commission will release a map covering the entire EUs petroleum product refining capacity and take measures to "ensure that existing refining capacity is fully utilized and maintained." Officials familiar with the proposals stated that the EU is also developing measures for aviation fuel supply, but these measures are still being refined.

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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