Welcome to our daily technical analysis of the financial markets, focusing today on AUD/USD and Gold. Let's dissect the latest news, market trends, and crucial price levels to watch out for.
1. AUD/USD Analysis:
News Summary:
There are signs that the Reserve Bank of Australia will keep interest rates higher, and China's economic stimulus measures have restored confidence in the Australian dollar. Data show that asset managers shifted to a net long position in the Australian dollar in the week ended October 8. Previously, institutional investors had been bearish on the Australian dollar since February 2023. The RBA has signaled that it plans to keep interest rates on hold until inflation falls to target, a move that would favor the Australian dollar over the dovish central bank's currency.
Trend Analysis:
We can see AUD/USD rebounded and returned to the 48 hours moving average on H4 chart. In addition, the MACD double line and energy column expands below the zero axis. The buy limit could be placed, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [0.6650]
Key Resistance Levels: [0.6800]
Pivot Points [0.6680]
2. Gold Analysis:
News Summary:
Gold prices maintained their rebound on Monday, hitting a near one-week high. This trend was mainly boosted by the geopolitical crisis in the Middle East and market expectations for the Federal Reserve to cut interest rates. The market is generally betting that the Federal Reserve will cut interest rates by 25 basis points at its November meeting. The latest CME Fed Watch tool shows that the market’s probability of such an interest rate cut is as high as 90%. In addition, continued tensions in the Middle East have also prompted safe-haven funds to flow into the gold market.
Trend Analysis:
We can see gold H4 level rebounded and then fell and is still running above the 48 hours moving average. On the other hand, the MACD double line and energy column converge near the zero axis. The sell limit could be used, stop loss is mandatory.
Today's Key Price Levels:
Key Support Levels: [2622]
Key Resistance Levels: [2670]
Pivot Points [2658]
