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Forex News: Australian, NZ Dollars Appreciate On Rising Oil Prices

Australian, NZ Dollars Appreciate On Rising Oil Prices

10/11/2021 - 02:28:00 (RTTNews)

(RTTNews) - The Australian and NZ dollars climbed against their major counterparts in the Asian session on Monday, as oil prices crossed $80 a barrel amid supply constraints and continued strong demand.

WTI crude futures are trading at $80.94 per barrel, up 2.00 percent for the day.

Supply restrictions from major oil producers and a spike in demand across the globe lifted oil prices.

Asian shares are mostly higher, led by gains in Japan and China tech shares.

Japanese Prime Minister Fumio Kishida's comments that he would not raise the country's capital gains tax for the time being further underpinned sentiment.

The earnings season will begin this week, with leading banks, including JPMorgan Chase due to publish results.

The aussie reached as high as 0.7331 against the greenback, up from a low of 0.7292 set at 7:45 pm ET. If the aussie rises further, it may likely seek resistance around the 0.75 level.

The aussie edged up to 1.5789 against the euro and 0.9134 against the loonie, off its early 4-day low of 1.5858 and a 1-1/2-year low of 0.9104, respectively. The currency is likely to face resistance around 1.54 against the euro and 0.93 against the loonie.

The aussie advanced to near a 3-month high of 82.53 against the yen and more than a 2-month high of 1.0565 against the kiwi, after falling to 81.85 and 1.0535, respectively in early trades. On the upside, 84.00 and 1.08 are possibly seen as its next resistance levels against the yen and the kiwi, respectively.

The kiwi strengthened to near a 4-week high of 78.20 against the yen, after a drop to 77.58 at 5:05 pm ET. Next key resistance for the kiwi is seen around the 0.71 level.

The kiwi rebounded from its prior low of 0.6913 against the greenback and a 5-day low of 1.6728 against the euro and was trading at 0.6947 and 1.6666, respectively. The kiwi may possibly challenge resistance around 0.71 against the greenback and 1.65 versus the euro.

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