12 Apr, 2024
5 minutes
Daily Technical Analysis April 12th 2024
1. EUR/USD Analysis:
News Summary:
The European Central Bank kept interest rates steady at record highs on Thursday while sending its clearest signal that cooling inflation will allow it to start cutting interest rates soon. The ECB maintained its deposit rate at 4.0%, where it has been since September last year, as part of price control measures. Owing to inflation now close to the central bank's 2% target, bank lending stagnant and the economy barely growing, the ECB implied again it may cut interest rates at its next meeting.
Trend Analysis:
We can see H4 level of EUR/USD oscillated downwards and was far away from the 48 hours moving average. Moreover, the MACD double line and histogram bar gradually shrank below the zero axis. The sell limit can be placed, stop loss is mandatory.
Today's Key Price Levels:
Key Support Levels: [143.80]
Key Resistance Levels: [146.40]
Pivot Points [145.70]
2. AUD/USD Analysis:
News Summary:
Australian consumers do not expect an interest rate cut in the short term, with consumers' continued pessimism largely driven by expectations that the Reserve Bank of Australia is unlikely to significantly cut policy rates this year. Surveys show sentiment among those with mortgages or outright home ownership remains very subdued. About 40% of respondents still predict interest rates to rise. Consumer confidence will remain weak until households gain greater confidence that the RBA will not raise interest rates again.
Trend Analysis:
We can see AUD/USD fluctuated and rebounded, but it was still running below the 48 hours moving average. In addition, the MACD double line and energy column converged below the zero axis. The sell limit could be used, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [1962]
Key Resistance Levels: [2030]
Pivot Points [2012]