Today's focus is on the Australian Dollar against the US Dollar - June 18, 2024


Today, the Reserve Bank of Australia announces its decision. With high inflation trends and no rate cuts expected before June next year, lack of clear direction may mean a temporary reaction for the Australian dollar.

🇦🇺 Australian Inflation: April CPI increased by 3.6% year-on-year, indicating persistent inflation. The Reserve Bank of Australia may consider raising interest rates again.

🔍 Technical Analysis Highlights:

• MACD (Daily): Near the zero axis; watch for bullish signals or rapid decline.

• Support Price (Daily): Strong support at the 200-day moving average and 38.2% Fibonacci level. If this strong support is also broken, the downside space opens, targeting at least the 61.8% range.

• Stochastic Oscillator (1 hour): Overbought. Awaiting bullish signal exit.

• Moving Average Resistance (1 hour): Key resistance at the 200-period moving average. Failure to break could indicate continued decline.

• Elliott Wave (1 hour): Key trend direction. Focus on the 1.382 Fibonacci extension.

📍 Pivot Points:

• Pivot price: 0.6590

• Bullish Scenario: Above 0.6590, targeting 0.6630 and 0.6645

• Bearish Scenario: Below 0.6590, targeting 0.6575 and 0.6560

#UltimaMarkets #TechnicalAnalysis #MarketAnalysis #AUDUSD #RBA #InterestRate #CPI #Indicators #ReserveBankofAustralia

Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

The End


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