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30 Oct, 2024
5 minutes

Daily Technical Analysis:GBP/USD、AUD/USD

Welcome to our daily technical analysis of the financial markets, focusing today on GBP/USD and AUD/USD. Let's dissect the latest news, market trends, and crucial price levels to watch out for.


1. GBP/USD Analysis:
News Summary:
The UK Chancellor of the Exchequer will unveil the first budget of the new Labor government on Thursday. Around £40bn will be raised through tax increases and limited public spending cuts to improve public services and fill budget gaps left by the previous government. The UK Chancellor of the Exchequer intends to adjust debt policy to make room for additional fiscal spending. The news has caused UK government bond yields to rise and helped the pound rebound from nine-week lows.

Trend Analysis:
We can see GBP/USD rebound has encountered resistance, but it is still running above the 48 hours moving average on H4 chart. In addition, the MACD double line and energy bar once again diverges near the zero axis. The sell limit could be placed, stop loss is necessary.

Today's Key Price Levels:
Key Support Levels: [1.2900]
Key Resistance Levels: [1.3070]
Pivot Points [1.3030]
2. AUD/USD Analysis:

News Summary:
Australia released third-quarter inflation data, and the market appeared to be satisfied with the central bank. But while all this may please central bankers, it is unlikely to convince them to cut interest rates next week. Although lower inflation meets one of the conditions for a rate cut, the RBA still believes that inflation risks are still rising while the labor market remains very strong, and wage growth remains too high.

Trend Analysis:
We can see AUD/USD H4 level fluctuates and falls and is still running below the 48 hours moving average. On the other hand, the MACD double line and energy column converges below the zero axis. The sell limit could be used, stop loss is mandatory.

Today's Key Price Levels:
Key Support Levels: [0.6480]
Key Resistance Levels: [0.6600]
Pivot Points [0.6570]

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