Welcome to our daily technical analysis of the financial markets, focusing today on AUD/USD and Crude Oil. Let's dissect the latest news, market trends, and crucial price levels to watch out for.
1. AUD/USD Analysis:
News Summary:
The Reserve Bank of Australia is unlikely to cut interest rates until the first quarter of 2025 at the earliest, after October inflation data showed that core inflation remained high. The pullback in headline CPI is likely to be short-lived as it is partly due to temporary subsidies, while underlying inflation remains above the RBA's 2%-3% target. In addition, Australia's labor market remains strong, with the unemployment rate remaining stable for the third consecutive month in October.
Trend Analysis:
We can see AUD/USD rebounded at the H4 level and moved above 48 hours moving average. In addition, the MACD double line and energy bar expands near the zero axis. The buy limit could be placed, stop loss is mandatory.
Today's Key Price Levels:
Key Support Levels: [0.6440]
Key Resistance Levels: [0.6610]
Pivot Points [0.6490]
2. Crude Oil Analysis:
News Summary:
With oil prices heading towards a second straight year of declines and the market widely expected to be oversupplied in 2025, investors are clinging to positive signals from downstream markets. The International Energy Agency (IEA) predicts that oversupply will occur next year even if OPEC and its allies choose to delay increasing production at recent meetings. However, a series of purchases in Asia led to an improvement in key spreads, which is seen as an indicator of market health.
Trend Analysis:
We can see crude oil is hovering at a low level and running below 48 hours moving average on H4 chart. On the other hand, the MACD double line and energy bar has formed golden cross near the zero axis. The buy limit could be used, stop loss is compulsory.
Today's Key Price Levels:
Key Support Levels: [67.10]
Key Resistance Levels: [72.00]
Pivot Points [68.30]
