17 Jun, 2024
5 minutes
Daily Technical Analysis Jun 17th 2024
1. AUD/USD Analysis:
News Summary:
HSBC Australia's chief economist said Australian employment data was unlikely to change the Reserve Bank of Australia's decision-making. Strong job creation has been what the RBA wants to see as part of a soft landing as the labor market eases on rising labor supply. The RBA is expected to remain on hold this week as planned but will keep hawkish since it is more worried about stubbornly high inflation than weak economic growth.
Trend Analysis:
We can see AUD/USD rebounded from oversold level and ran below the 48 hours moving average. However, the MACD double line and energy column gradually expand near the zero axis. The sell limit could be used, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [0.6520]
Key Resistance Levels: [0.6680]
Pivot Points [0.6640]
2. Gold Analysis:
News Summary:
The preliminary value of the consumer confidence index released by the University of Michigan fell to 65.6 from 69.1 in May. This data was weaker than expected, but the director of consumer surveys believed that this downward trend was not significant. The divergence between the FED's interest rate forecast and market expectations may bring short-term volatility to the gold market, but the agency noted that attention to technical levels will become more important. Geopolitical uncertainty and rising debt levels have provided some support to the gold market.
Trend Analysis:
We can see gold H4 level rebounded and then oscillated, running above the 48 hours moving average. In addition, the MACD double line and energy bar seemed to form a double top near the zero axis. The sell limit could be placed, stop loss is mandatory.
Today's Key Price Levels:
Key Support Levels: [2290]
Key Resistance Levels: [2347]
Pivot Points [2332]