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On October 8th, the Singapore dollar weakened against the US dollar during Asian trading hours amid risk aversion. OCBC Banks Global Markets Research team noted in a research report that the US government shutdown, now in its eighth day, showed no sign of a resolution. The team stated that political uncertainty continued to weigh on market sentiment. Furthermore, France is facing a serious political crisis, with calls for President Emmanuel Macrons resignation growing.Indian Oil Corp, Indias largest refiner, bought 2 million barrels of Kuwaiti Khafji crude for December delivery through a tender, according to two sources familiar with the transaction. The cargo was sold at a premium of about 50 cents per barrel to Dubai quotes.According to futures data from October 8th, Japans commercial crude oil inventories increased by 154,383 kiloliters to 10,289,275 kiloliters in the week ending October 4th. Gasoline inventories decreased by 77,841 kiloliters to 1,544,084 kiloliters. Kerosene inventories increased by 53,513 kiloliters to 2,767,332 kiloliters. The average refinery operating rate in Japan was 86.3%, compared to 87.2% the previous week.Market news: Japans ruling coalition will postpone the parliamentary session to October 20 or later.On October 8, DBS Group Research analyst Eugene Leow commented that the steepening Japanese government bond yield curve may attract investors seeking to tactically increase duration exposure. The senior interest rate strategist noted that the yield spread between 10-year and 30-year Japanese government bonds is currently near 160 basis points, a high level. He believes this steepening largely reflects the markets view that Japanese authorities may be more concerned with yield fluctuations in bonds with maturities of 10 years or less. However, he believes that this yield premium for ultra-long-term bonds may be too high. He added that the results of Tuesdays 30-year Japanese government bond auction showed that investors are willing to take on long-term risk if yields are high enough.

Bulls Face a Wall of Resistance Around 1.0960-1.1000 in the AUD/NZD Price Analysis

Alina Haynes

Apr 29, 2022 09:56

The AUD/NZD is ready to recoup some of the week's losses, climbing for the third consecutive day, up a modest 0.13 percent as the Asian Pacific session begins. The AUD/NZD currency pair is trading at 1.0943 at the time of writing.

 

The week's lack of New Zealand data left the AUD/NZD exposed to the Australian economic calendar, which revealed that inflation increased by 5.1 percent year on year, above expectations of 4.6 percent and blowing the headline reading of 3.5 percent. Core inflation increased to its highest level since 2009, 3.7 percent, up from a previous reading of 2.6 percent.

 

Apart from that, sentiment improved throughout the day, and the Asian session reflected the tone on Wall Street. Investors were kept on their toes by China's coronavirus outbreak. Meanwhile, market participants shrugged aside the Ukraine-Russian spat and a weaker-than-expected US growth report as desire for risky assets surged.

 

As a result, the AUD/NZD appreciated last week on anticipation of a May rate hike by the Reserve Bank of Australia (RBA). Nonetheless, an Australian Federal Election could dissuade the RBA from acting despite a strong inflation report.

Forecasting the AUD/NZD Exchange Rate: A Technical Analysis

The AUD/NZD currency pair's bias is bullish. The pair is in an uptrend as shown by the daily moving averages (DMAs) below the exchange rate. However, Thursday's price action hit strong resistance near 1.0962, a zone that is surrounded by resistance levels between 1.0960 and 1.1000.

 

The AUD/initial NZD's resistance level on the upside would be April's 28 daily high of 1.0962. After clearing 1.0975, the next supply zone would be 1.0998.

 

On the other hand, the first demand zone for the AUD/NZD would be 1.0900. If the pair breaks below 1.0880, it will expose April's 28 swing low at 1.0824, followed by April's 25 swing low at 1.0824.

 

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