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Both WTI and Brent crude oil prices rose by about $0.80 in the short term, currently trading at $94.93/barrel and $95.67/barrel respectively.Futures News, May 26th: Shanghai Futures Exchange (SHFE) Energy and Chemical Warehouse Receipts and Changes: 1. Pulp futures warehouse receipts: 207,266 tons, an increase of 2,933 tons compared to the previous trading day; 2. Pulp futures mill warehouse receipts: 20,000 tons, unchanged compared to the previous trading day; 3. Offset paper futures warehouse receipts: 957 tons, unchanged compared to the previous trading day; 4. Offset paper futures mill warehouse receipts: 6,560 tons, unchanged compared to the previous trading day; 5. Fuel oil futures warehouse receipts: 471 tons. 6. Petroleum asphalt futures warehouse receipts: 21,120 tons, unchanged from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts: 31,220 tons, unchanged from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts: 3,511,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts: 0 tons, unchanged from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts: 0 tons, unchanged from the previous trading day.On Tuesday, May 26, the German DAX 30 index opened down 43.58 points, or 0.17%, at 25,350.35; the UK FTSE 100 index opened up 61.94 points, or 0.59%, at 10,528.20; and the French CAC 40 index opened down 22.64 points, or 0.27%, at 8,235.62. The Stoxx 50 index opened down 13.01 points, or 0.21%, at 6123.65 on Tuesday, May 26; the Spanish IBEX 35 index opened up 12.58 points, or 0.07%, at 18399.98 on Tuesday, May 26; and the Italian FTSE MIB index opened down 166.85 points, or 0.33%, at 50053.50 on Tuesday, May 26.At the close of trading on the 26th, apart from the Guolian An SSE Commodity ETF (up 1.63%) and the Huaxia Feed Soybean Meal Futures ETF (up 0.19%), commodity funds such as the Jianxin Energy and Chemical Futures ETF, Southern Shanghai Gold ETF, E Fund Gold ETF, and Bosera Gold ETF all declined. Among them, the Guotou UBS Silver Futures (LOF) fell 1.8%.According to Futures News on May 26, as of 15:00 Beijing time, spot platinum fell 0.67% and spot palladium fell 1.33%.

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.


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