Daily Technical Analysis January 12th 2024

1. AUD/USD Analysis: 

News Summary: 

Australia monthly inflation data for November strengthened the RBA's case for keeping the official cash rate steady in February. Still, the data suggest inflation is only slowly declining and remains well above the 2%-3% target range. The RBA will remain concerned that although inflation has fallen, the final stage of the process to get it back within the target range may remain challenging and take some time.  

Trend Analysis: 

We can see AUD/USD rebounded after gaining support and returned to near the 48 hours moving average on H4 chart. In addition, the MACD double line and the energy column gradually formed golden cross. Based on current technical structure, short-term selling strategy could be used, stop loss is necessary.  

Today's Key Price Levels:

 Key Support Levels: [0.6600] 

Key Resistance Levels: [0.6800] 

Pivot Points [0.6750]  

2. Crude Oil Analysis:  

News Summary: 

The oil market will be relatively balanced in 2024, with US oil production set to grow this year as demand growth struggles to keep up with new supply from outside the OPEC+ group. At the same time, some of the world's largest exporters from OPEC continue to cut production to keep oil prices near $80 per barrel, and rising consumption in China and India will be the main driver of oil demand.  

Trend Analysis: 

We can see crude oil rebounded after falling and returned to 48 hours moving average on H4 chart. In addition, the MACD double line and energy column spread above the zero axis. New Year's surge in travel should push aviation fuel demand, the buy limit could be employed, stop loss is compulsory.   

Today's Key Price Levels: 

Key Support Levels: [70.00] 

Key Resistance Levels: [76.00] 

Pivot Points [72.00