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In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the AUDUSD for DEC 10, 2024.
AUDUSD Key Takeaways
Australia’s economic recovery is slow: In November, Australia’s business activity index fell to its lowest level since the outbreak, due to the difficult trading environment and deteriorating confidence in the Australian manufacturing and retail sectors. These disappointing results show that the economy has not yet recovered after the extremely weak performance in the third quarter.
RBA interest rate decision: As Australia’s core inflation is still high, the RBA will announce its interest rate decision later, and it is generally expected to keep the interest rate at 4.35%. At the same time, pay attention to the press conference held by RBA Chairman Bullock. If a clear expectation of a rate cut is expressed for the interest rate path, the Australian dollar may continue to fall today.
AUDUSDTechnical Analysis
AUDUSD Daily Chart Insights
(AUDUSD Daily Price Chart, Source: Ultima Markets MT4)
(AUDUSD Daily Price Chart, Source: Ultima Markets MT4)
Stochastic oscillator: After the indicator sent out a short signal again at the 50 median line, it stumbled downward, suggesting insufficient downward momentum. The exchange rate fell below the low point in mid-November, but the indicator has not yet entered the oversold area, so it is not worth paying attention to short-selling opportunities in the short term.
Key resistance: The AUDUSD is currently fluctuating around 0.64445, and the downward trend line continues to suppress the rebound height of the exchange rate. The short-term exchange rate is still in a short trend, but once the exchange rate breaks through the above two resistance areas, the Australian dollar will usher in a rebound trend in the short term, otherwise the exchange rate will fall below the previous low and start a trend decline.
AUDUSD 1-hour Chart Analysis
(AUDUSD H1 Price Chart, Source: Ultima Markets MT4)
(AUDUSD H1 Price Chart, Source: Ultima Markets MT4)
Stochastic oscillator: The indicator sends a short signal in the overbought area, and the exchange rate will adjust and fall in the short term during the Asian session. Based on the fact that the daily line is still in a downward trend, the indicator is not worth paying attention to the entry opportunity before there is no bottom divergence signal.
Fibonacci price: AUDUSDwas blocked yesterday at two key Fibonacci price levels, the 1.618 times height extension of wave A and the 61.8% retracement of the downward trend last Wednesday. The strong resistance price makes it difficult for the exchange rate to rise and breakthrough in the short term.
Key price: The exchange rate at yesterday’s high and low points is an extremely critical price. From the perspective of waves, there is a probability that the exchange rate will expand the platform ABC corrective wave. If the judgment is correct, the exchange rate will start an accelerated downward trend, but it needs to wait for the end of wave B to be confirmed. On the contrary, if the exchange rate rises above yesterday’s high again, the previous downward trend will end the wedge, and the exchange rate in December will be dominated by an upward trend.
AUDUSD Pivot Indicator
(AUDUSD M30 Price Chart, Source: Ultima Markets APP)
(AUDUSD M30 Price Chart, Source: Ultima Markets APP)
According to the trading central in Ultima Markets APP, the central price of the day is established at 0.6470,
Bullish Scenario: Bullish sentiment prevails above 0.6470, first target 0.6490, second target 0.6510;
Bearish Outlook: In a bearish scenario below 0.6470, first target 0.6420, second target 0.6400.
Conclusion
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Stay tuned for more updates and analyses from our team of experts at Ultima Markets.
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