30 Jul, 2024
5 minutes
Daily Technical Analysis: EUR/USD, AUD/USD
1. EUR/USD Analysis:
News Summary:
ING analysts said that if the Federal Reserve meeting prompts the market to raise interest rate cut expectations and the US nonfarm payrolls data released on Friday is weaker than expected, the EUR/USD may end higher this week. While data on Wednesday is likely to show euro zone core inflation fell to an annual rate of 2.8% in July from 2.9% in June, this may not be enough for markets to price in a 55-basis point rate cut in 2024 that is already included in the euro overnight index swap curve. Influence.
Trend Analysis:
We can see EUR/USD rebounded at the H4 level and is still running below the 48 hours moving average. In addition, the MACD double line and the energy column converge at the bottom divergence below the zero axis. The buy limit could be arranged, stop loss is mandatory.
Today's Key Price Levels:
Key Support Levels: [1.0750]
Key Resistance Levels: [1.0900]
Pivot Points [1.0800]
2. AUD/USD Analysis:
News Summary:
The Australian dollar has recently been hit by falling global stock markets, unwinding of carry trades using the Japanese yen as funding currency, and sharply lower commodity prices. Australia will release a series of important data this week, including Australia's June and second quarter CPI, building permits, retail sales, trade and PPI. If it shows that inflation is still high, investors are likely to take advantage of the market's expectations that the Reserve Bank of Australia will raise interest rates in August to conduct some short-covering transactions.
Trend Analysis:
We can see AUD/USD has rebounded but is still running below the 48 hours moving average on H4 chart. On the other hand, the MACD double line and energy bar began to expand below the zero axis. The buy limit could be used, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [0.6470]
Key Resistance Levels: [0.6640]
Pivot Points [0.6520]