In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the AUDJPY for 1st March 2024.
Key Takeaways
- US Inflation is rather mixed bag: Annual rate of Core PCE Price Index came in at lower than expected, although its monthly rate rose 0.4% (largest increase since February 2023)
- Carry trade: In the past few weeks, economic data from major economies showed prominent uptrend. Optimism towards global economy has benefited risky assets, in return placing a downward pressure on safe haven such as Japanese Yen for short-term.
Technical Analysis
Daily Chart Insights
- Stochastic Oscillator: The indicator shows bearish signal following its retracement from overbought threshold. This is in line with the current trend as shown in the graph, which may suggest further extension as the indicator continues to head towards the oversold region.
- Support level: The pair has a support level, the 65-MA line (black) and upward trendline. Both supports may block the pair from further depreciation, which is a scenario to be closely monitored.
1-hour Chart Analysis
- Stochastic Oscillator: The indicator forms a bullish signal yesterday, which has since formed a bullish divergence signal. We may see further extension of the pair in the short term.
- Moving average suppression: The pair breached 65-MA line and extends its bearishness down south thereafter. For the time being, due to prominent price action which skews towards the upside, pay attention to the 65-MA line acting as a resistance.
Pivot Indicator
- According to the trading central in Ultima Markets APP, the central price of the day is established at 97.24,
- Bullish Scenario: Bullish sentiment prevails above 97.24, first target 97.74, second target 97.86;
- Bearish Outlook: In a bearish scenario below 97.24, first target 97.04, second target 96.92.
Conclusion
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Disclaimer
Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.
