01 Feb, 2024
5 minutes
Daily Technical Analysis February 1st 2024
1. AUD/USD Analysis:
News Summary:
Overall and underlying price pressures in Australia were below forecasts by economists and the Reserve Bank of Australia, according to Australia's fourth-quarter CPI report. Overall CPI rose 0.6% in the quarter, up 4.1% year-on-year, the lowest increase since the June 2021 quarter. The revised average inflation rate, which the RBA prefers to gauge underlying pressures, rose 0.8% in the quarter and 4.2% year-on-year. Importantly, the quarterly figures were two-tenths below the RBA's November forecast and three-tenths below the full year forecast.
Trend Analysis:
We can see AUD/USD fell and rebounded and ran below 48 hours moving average. In addition, the MACD double line and energy column converged upward near the zero axis. In short term, the sell limit could be placed, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [0.6450]
Key Resistance Levels: [0.6650]
Pivot Points [0.6600]
2. Gold Analysis:
News Summary:
The Federal Reserve kept interest rate unchanged on Wednesday as scheduled. The latest policy statement did not hint at an imminent interest rate cut. The FOMC believes that it is inappropriate to lower the target range of the benchmark interest rate before it has greater confidence that inflation will continue to fall toward the 2% target. Moreover, Federal Reserve Chairman Powell's speech was very hawkish, causing gold price to give up the gains made earlier on Wednesday.
Trend Analysis:
We can see gold failed to go higher and then fell back, but it is still running above 48 hours moving average. In addition, the MACD double line and energy column began to shrink further. The sell limit can be arranged, stop loss is compulsory.
Today's Key Price Levels:
Key Support Levels: [2020]
Key Resistance Levels: [2066]
Pivot Points [2055]