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Japans unemployment rate was 2.5% in May, below the expected 2.50% and the previous reading of 2.50%.On June 30th, according to foreign media reports, international oil prices rose on Monday as weekend clashes between the US and Iran highlighted the fragility of the interim peace agreement. Meanwhile, cautious market expectations for a continued recovery in shipping through the Strait of Hormuz limited the potential for further price increases. Sources said that the technical teams from the US and Iran responsible for implementing the interim peace agreement are expected to meet in Doha, the capital of Qatar, in the coming days. Last Thursday, media reports indicated that the amount of crude oil transported through the Strait of Hormuz had risen to its highest level since the start of the US-Israel war against Iran in late February. However, analysts warned that traffic through the Strait of Hormuz is far from fully recovered, keeping oil prices high. Bob Yageer, head of energy futures at Mizuho Bank, said that people are realizing this. Its impossible to move all the crude oil out of the Gulf in the next week or two, nor is it possible to stuff all the crude oil into the strait to restore pre-war levels.Japans May unemployment rate will be released in ten minutes.Conflict Situation: 1. According to RIA Novosti: The Russian Ministry of Defense stated that Russian troops have taken control of Bokhodalivka in eastern Ukraine. 2. Ukraine reported an attack on Dnipro, resulting in 4 deaths and 10 injuries. Peace Negotiations: 1. Kremlin: (Regarding new Ukrainian peace proposals) Our position, as stated by Russian President Putin in 2024, remains unchanged. Other Situations: 1. The United States removed some entities from its sanctions list related to Russia. 2. According to Interfax: Russian Deputy Prime Minister Novak stated that Russia is still considering imposing a diesel export ban. 3. According to RIA Novosti: Russia will take political and military-technical measures in response to Finlands lifting of the ban on nuclear weapons deployment. 4. Russian Foreign Ministry Spokesperson Zakharova: NATO is cooperating with Ukraine to prepare for the development of weapons capable of striking Russian air bases, including those deep within Russian territory. 5. Zelensky: During the Danish Defense Ministers first visit to Ukraine, the two sides discussed preparations for a "drone agreement," which is nearing completion, and both sides agreed that it should be signed as soon as possible. The new Danish government has pledged to continue its firm support for Ukraine.New York silver futures broke through $59 per ounce, up 0.63% on the day.

NZD/USD Price Analysis: Protects NZ Inflation-Induced Support Break; 0.6140 in Sight

Daniel Rogers

Apr 20, 2023 13:51

 NZD:USD.png

 

During the mid-Asian session on Thursday, NZD/USD bears maintain control at the lowest levels in five weeks while defending New Zealand (NZ) losses caused by inflation near 0.6160. This justifies not only the weaker-than-anticipated New Zealand inflation, but also the recent break of one-month-old horizontal support, which is now immediate resistance, as well as the bearish MACD signals.

 

As measured by the Consumer Price Index (CPI), the Reserve Bank of New Zealand (RBNZ) policy purists were unpleasantly surprised by New Zealand's (NZ) first-quarter (Q1) inflation. Despite this, the Quarter-over-Quarter change in the New Zealand Consumer Price Index (CPI) decreases from 1.7% and 1.4%, respectively, to 1.2%.

 

Following the publication of disappointing data, the NZD/USD pair breached a one-month-old horizontal support level, which is now acting as a barrier near 0.6170. The bearish MACD signals are now directing NZD/USD traders toward a horizontal support level that has been in place for 1.5 months and is located near 0.6140.

 

If the NZD/USD bears remain dominant above 0.6140, the 2023 low of 0.6085 cannot be ruled out.

 

The 200-day simple moving average hurdle of 0.6220 becomes crucial for NZD/USD investors to return.

 

If the NZD/USD pair remains above 0.6220, a run up to the previous weekly high around 0.6315 and then to the monthly high of 0.6386 cannot be ruled out.