08 Dec, 2023
5 minutes
Daily Technical Analysis December 8th 2023
Introduction:
Welcome to our daily technical analysis of the financial markets, focusing today on AUD/USD and Crude Oil. Let's dissect the latest news, market trends, and crucial price levels to watch out for.
1. AUD/USD Analysis:
News Summary:
The Australian Ministry of Finance and the Federal Reserve of Australia agree that flexible inflation target is appropriate framework for achieving price stability, recognizing the importance of low and stable inflation. The statement on the implementation of monetary policy shows that the target for consumer price inflation should be between 2% and 3%. This statement outlines the methods to achieve the statutory goals of the RBA and assists in implementing the recommendations of the RBA review report.
Trend Analysis:
We can see AUD/USD has broken through after touching bottom on H4 chart, and the price moved around 48 hours moving average. In addition, the MACD double line and the energy column formed a golden cross diffusion near zero axis. If US nonfarm payroll data falls below expectations, AUD/USD will continue to rise, and vice versa, there will be a pullback. The sell limit could be considered in short term, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [0.6470]
Key Resistance Levels: [0.6700]
Pivot Points [0.6650]
2. Crude Oil Analysis:
News Summary:
The market doubts about whether OPEC+ can fulfill its production reduction plan have raised concerns about oversupply, with oil price falling for the fifth consecutive day, reaching the lowest level since early July. At the same time, the US oil inventory exceeded expectation, increasing concerns about fuel demand. The forward price of US crude oil is at the highest premium relative to crude oil prices, the market is currently facing an imbalance of supply exceeding demand.
Trend Analysis:
We can see the oil failed to rebound and then continued to decline on H4 chart, the MACD once again entered the oversold level and moved away from the 48 hours moving average. The demand for oil has been disrupted, and currently the market is more focused on demand rather than supply. The sell limit could be employed, stop loss is mandatory.
Today's Key Price Levels:
Key Support Levels: [67.00]
Key Resistance Levels: [74.00]
Pivot Points [72.50]