12 Jun, 2024
5 minutes
Daily Technical Analysis Jun 12th 2024
1. EUR/USD Analysis:
News Summary:
With pressure on wage growth still huge, European Central Bank officials are cautious about further cutting interest rates, with one official even saying that further interest rate cuts are unlikely. The Governing Council of the ECB last Thursday made good on its promise to lower interest rates, but its move to raise its inflation forecast has left investors questioning the next direction of policy.
Trend Analysis:
We can see EUR/USD rebounded from a low level, but it is still running below the 48 hours moving average. In addition, the MACD double line and energy column is shrinking. The sell limit could be placed, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [1.0650]
Key Resistance Levels: [1.0820]
Pivot Points [1.0770]
2. AUD/USD Analysis:
News Summary:
A report released by the National Australia Bank on the 11th showed that Australia's business conditions continued to decline in May and were already slightly below the long-term average. Business confidence fell into negative territory again, to -3 points. The bank's chief economist pointed out that judging from the May business confidence index, the sluggish economic activity shown in Australia's GDP data in the first quarter has continued into the second quarter.
Trend Analysis:
We can see AUD/USD rebounded again and ran below the 48 hours moving average on H4 chart. On the other hand, the MACD double line and histogram bar expand below the zero axis. The sell limit could be employed, stop loss is mandatory.
Today's Key Price Levels:
Key Support Levels: [0.6560]
Key Resistance Levels: [0.6700]
Pivot Points [0.6670]