Daily Technical Analysis

Introduction: 

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: 

Australia economic growth was slightly stronger than forecast in the first half year, but it remains in a period of below trend growth, which is expected to continue for some time. High inflation is affecting people income, leaving household consumption and residential investment growth weak. The conditions in Australia labor market have been eased somewhat but remain very tight. The unemployment rate is expected to gradually rise to around 4.5% by the end of next year.  

Trend Analysis: 

We can see the AUD/USD jumped above 48 hour moving average and the price tried to test 0.6500 mark, the important resistance on H4 chart. However, MACD positive histogram bar and double line seems to form top divergence, which means the potential retracement. The suitable strategy is to set buy limit around 0.6400, stop loss is compulsory.    

Today's Key Price Levels:

Key Support Levels: [0.6400]

Key Resistance Levels: [0.6500] 

Pivot Points [0.6410]

2. Crude Oil Analysis: 

News Summary: 

Crude oil price was initially risen by more than 5% and then fell back to around $86 per barrel affected by the Palestine-Israel conflict. The main reason is that oil supply is not directly threatened, but it may also reflect OPEC's reassuring spare capacity. It is unclear whether OPEC will use this spare capacity. Saudi Arabia has opted to cut production so far this year, driving oil prices to nearly $100 per barrel last month.  

Trend Analysis: 

We can see crude oil is running around $87 per barrel and has touched 48 hours moving average on H4 chart. As the Palestinian-Israeli conflict continues to worsen, it will have a certain impact on oil price, and it is not ruled out that it may rise further and test $100 per barrel. The reasonable tactic is to set buy limit from $83 per barrel, stop loss is necessary.    

Today's Key Price Levels: 

Key Support Levels: [83.00] 

Key Resistance Levels: [90.00] 

Pivot Points [84.00]