Daily Technical Analysis Jul 17th 2024

1. GBP/USD Analysis:
News Summary:
BNP Paribas maintained its positive view on the pound following stronger-than-expected UK growth data last week and a balanced speech from the Bank of England's chief economist. Economists at the bank said in a note that with inflation and employment data due this week, the threshold for data to be weak enough for the BOE to adopt a more dovish tone may be high. Political factors are another positive factor, as the Labor Party won a landslide victory in the general election, ushering in a period of political stability.

Trend Analysis:
We can see GBP/USD rebounded from a high level of H4 chart and ran above the 48 hours moving average. In addition, the MACD double line and energy bar converge above the zero axis. The buy limit could be used, stop loss is necessary.

Today's Key Price Levels:
Key Support Levels: [1.2900]
Key Resistance Levels: [1.3050]
Pivot Points [1.2930]

2. AUD/USD Analysis:

News Summary:
Rabobank believes that the Reserve Bank of Australia will be a key factor in promoting the strength of the Australian dollar, which may prompt it to advance the realization time of the Australian dollar's forecast target level. The RBA will raise interest rates twice this year, in August and November, to combat stubborn domestic inflation. Recent Australian economic data has reinforced expectations for further interest rate hikes this cycle. Retail sales rose sequentially, pointing to strong consumer demand, a key driver of inflation.

Trend Analysis:
We can see AUD/USD fell and rebounded, and gradually approached the 48 hours moving average on H4 chart. Moreover, the MACD double line and histogram bar shrink near the zero axis. The buy limit could be placed, stop loss is mandatory.

Today's Key Price Levels:
Key Support Levels: [0.6650]
Key Resistance Levels: [0.6800]
Pivot Points [0.6700]