Wed, Feb 08, 2023 @ 00:58 GMT
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China considering to ease Australian coal ban, AUD/NZD jumps

Australian Dollar rises broadly on news that China is considering to partially ease the ban on its coals. Bloomberg reported that China’s National Development and Reform Commission held talks yesterday on proposals to allow four major coal importers to make new purchases on Australian coal this year, effective as soon as April 1.

AUD/NZD extends the rebound from 1.0469 and hits as high as 1.0855 so far. For now, further rally is expected in the cross as long as 1.0724 support holds. Sustained trading above 38.2% retracement of 1.1489 to 1.0469 at 1.0859 will pave the way to 61.8% retracement at 1.1099, even as a corrective move.

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