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In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the AUDUSD for AUG 23 2024.
Key Takeaways
Economic Data for the United States: The initial value of the US S&P Global Manufacturing PMI in August was 48, which was lower than expected and marking the lowest level in 8 months. Conversely, the service PMI was 55.2, which exceeded the expected 54. The number of initial jobless claims in the United States for the week ending August 17 was 232,000, slightly higher than expected, and the previous value was revised from 227,000 to 228,000. Additionally, US existing home sales rose in July, breaking a five-month streak of declines.
Member’s speech: Fed member Harker said that as long as there are no surprises in the data, it is time to start the process of interest rate cuts. He suggested that the end of the easing cycle may keep the federal funds rate at about 3%, with the US unemployment rate may rise to slightly below 5%.
Technical Analysis
Daily Chart Insights
(AUD/USD Daily Price Chart, Sources from Ultimate Markets MT4)
(AUD/USD Daily Price Chart, Sources from Ultimate Markets MT4)
Stochastic oscillator: The indicator sends a short signal in the overbought area, suggesting that the previous strong upward trend of the exchange rate will be curbed, and there is a probability of adjustment and decline in the short term. However, it is worth noting that the exchange rate has not fallen below the key price, so the indicator still has the possibility of a top divergence pattern.
Fair value gap: The Australian dollar fell against the US dollar yesterday. Based on the serious overbought in the previous period, the short-term trend is mainly bearish. Pay attention to the lower edge of FVG. However, it is necessary to be alert to the fact that there are many limit buy orders in FVG. There is a certain probability that the exchange rate will be blocked and oscillate, or even continue to rebound upward.
H1 Chart Insights
(AUD/USD Hourly Price Chart, Sources from Ultima Markets MT4)
(AUD/USD Hourly Price Chart, Sources from Ultima Markets MT4)
Stochastic Oscillator: The indicator sends a bullish signal in the oversold area, suggesting that the exchange rate will rebound during the Asian session. Based on the short signal issued by the daily cycle, it is worth paying attention to the short signal that appears after the indicator returns to above the 50 median line.
Resistance price: The exchange rate is currently in a rebound stage. Pay attention to the upper short-term moving average group (red 33 period and black 65 period). The moving average is about to send a bearish signal. The exchange rate may show a bearish structure after stepping back. However, if the resistance is invalid, the exchange rate may enter a complex adjustment stage.
Pivot Indicator
(AUD/USD 30 Minutes Price Chart, Sources from Ultima Markets APP)
(AUD/USD 30 Minutes Price Chart, Sources from Ultima Markets APP)
According to the trading central in Ultima Markets APP, the central price of the day is established at 0.6730,
Bullish Scenario: Bullish sentiment prevails above 0.6730, first target 0.6745, second target 0.6760;
Bearish Outlook: In a bearish scenario below 0.6730, first target 0.6685, second target 0.6670.
Conclusion
To navigate the complex world of trading successfully, it’s imperative to stay informed and make data-driven decisions. Ultima Markets remains dedicated to providing you with valuable insights to empower your financial journey.
For personalized guidance tailored to your specific financial situation, please do not hesitate to contact Ultima Markets.
Join Ultima Markets today and access a comprehensive trading ecosystem equipped with the tools and knowledge needed to thrive in the financial markets.
Stay tuned for more updates and analyses from our team of experts at Ultima Markets.
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