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The ChiNext index rose by more than 2%, with semiconductor, memory chip, CPO, and photovoltaic equipment concepts leading the gains.Hong Kong stocks opened higher, with the Hang Seng Index up 0.82% and the Hang Seng Tech Index up 0.68%. Gold, copper, and tech stocks rebounded, with NetEase-S (09999.HK) up over 3% and Zijin Mining International (02259.HK) up over 4%. Chip stocks also recovered, with GigaDevice (03986.HK) up over 5%.On Tuesday, February 3, the Hong Kong Hang Seng Index opened 220.19 points higher, or 0.82%, at 26,995.76; the Hang Seng Tech Index opened 37.48 points higher, or 0.68%, at 5,563.79; the H-share Index opened 53.69 points higher, or 0.59%, at 9,133.88; and the Red Chip Index opened 14.15 points higher, or 0.33%, at 4,259.27.The Peoples Bank of China (PBOC) announced today that it conducted 105.5 billion yuan of 7-day reverse repurchase operations, with both the bid and winning bids amounting to 105.5 billion yuan. The operating rate was 1.40%, unchanged from the previous rate.On February 3, the Securities Association of China launched a summary and evaluation survey of the three-year improvement plan (2023-2025) for securities companies network and information security, requiring all securities companies to submit survey questionnaires by February 15. This evaluation survey covers six main tasks: continuously improving the level of technology governance, establishing a scientific and reasonable technology investment mechanism, enhancing the ability to plan and control information system architecture, strengthening system R&D and testing management capabilities, consolidating system operation and maintenance capabilities, and improving the information security protection system. The aim is to comprehensively verify the implementation effectiveness of the three-year improvement plan and provide a basis for decision-making for the continuous optimization of the industrys network and information security capabilities. This is the first systematic review of the industrys network security construction achievements by regulators since the plan expires in 2025.

Analysis of the NZD/USD Price indicates a continuation of gains towards 0.65

Daniel Rogers

Jan 18, 2023 15:02

 NZD:USD.png

 

The NZD/USD pair is oscillating within a narrow range near 0.6430 in the early Asian session. Despite the market's risk aversion, the New Zealand dollar has traded sideways after reclaiming the monthly high of 0.6437. In reaction to Tom Barkin's hawkish comments about the Richmond Federal Reserve (Fed) Bank, S&P500 futures are exhibiting greater losses, indicating investors' diminishing appetite for risk.

 

Following a V-shaped recovery, the US Dollar Index (DXY) has turned sideways at 102,000 and is expected to extend gains on a risk aversion theme. In addition, higher 10-year US Treasury yields would certainly provide safe-haven investments a new lease of life.

 

After one hour of consolidation, the NZD/USD pair has broken out of the Bullish Pennant chart pattern, indicating that the rising trend will continue. Participants typically initiate long positions during the consolidation period of a chart pattern, preferring to enter an auction once a bullish bias has been established.

 

Adding to the upward filters, the 20-period and 50-period Exponential Moving Averages (EMAs) have resumed their upward trend at 0.6415 and 0.6401, respectively.

 

Meanwhile, the Relative Strength Index (14) continues to struggle to enter the positive zone between 60.00 and 80.00. The occurrence of a similar event will produce bullish momentum.

 

For greater gains, the Kiwi asset must beat Tuesday's high of 0.6439, which will rocket it to December 15's high of 0.6470, then December 13's high of 0.6514.

 

Alternately, a breach below Monday's low of 0.6361 will weaken the New Zealand Dollar and push the Kiwi asset towards January 12's low of 0.6304. A breach below this level will expose the asset to more losses approaching the low of 0.6263 on December 28.

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