Daily Technical Analysis

Introduction: 

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

1. EUR/USD Analysis: 

News Summary: 

Eurozone industry will be hard to restore while demand remains sluggish in other parts of the world. Data showed that the euro zone's industrial output fell more than market expectations in September. The seasonally adjusted trade surplus narrowed from August due to a fall in exports. Such data cannot bring any valuable news about amid weak demand from major trading partners and euro zone industry will continue to struggle unless global trade recovered.  

Trend Analysis: 

We can see EUR/USD fluctuated at a high level, the MACD histogram bar and double line extended near the zero axis, and price began to approach the 48 hours moving average. Due to weak economic data in the European region, further correction of the euro cannot be ruled out. The suitable tactic is to wait good price level for setting sell limit, stop loss is mandatory.  

Today's Key Price Levels: 

Key Support Levels: [1.0700] 

Key Resistance Levels: [1.0950] 

Pivot Points [1.0900]

2. AUD/USD Analysis:  

News Summary: 

The Australia dollar upward momentum has been hampered, with the catalyst for the shift being a sharp adjustment in US producer price index. The unexpected rise in PPI data dispelled the view that the FED will change its monetary tightening policy. Therefore, it is hard to identify the long-term bullish outlook for Australian dollar in an environment where inflation remains a major concern. In addition, the Australian dollar is closely tied to global commodities and trade, and these factors continue to add complexity and noise to the market.  

Trend Analysis:
 

 We can see in the current environment, the near target for AUD/USD is the 0.6400 mark and 48 hours moving average on H4 chart. If a breakthrough below this support area that would potentially open the door towards the 0.6300 level. On the contrary, if the Australian dollar can reverse and break above the top near 0.6530, it will open space for rising. so far, the possible strategy is to set sell limit, stop loss is necessary.   

Today's Key Price Levels:

 Key Support Levels: [0.6380] 

Key Resistance Levels: [0.6550] 

Pivot Points [0.6500]