16 May, 2024
5 minutes
Daily Technical Analysis May 16th 2024
1.EUR/USD Analysis:
News Summary:
The euro zone economy is still heading for a soft landing, inflation is falling faster than previously expected, and economic growth will accelerate next year. The European Commission said in a report that GDP will grow by 0.8% this year and 1.4% in 2025, little changed from the last forecast three months ago. The agency now expects inflation to fall to 2.5% this year and 2.1% next year, down from 2.7% and 2.2% previously.
Trend Analysis:
We can see the EUR/USD H4 level continues to break through and is far away from the 48 hours moving average. However, the MACD double line and histogram bar begin to shrink above the zero axis. Sell limit could be used, stop loss is mandatory.
Today's Key Price Levels:
Key Support Levels: [1.0800]
Key Resistance Levels: [1.0960]
Pivot Points [1.0930]
2. AUD/USD Analysis:
News Summary:
Data released by the Australian Bureau of Statistics on the 15th showed that in the first quarter of 2024, the country’s seasonally adjusted wage price index increased by 0.8% month-on-month and 4.1% year-on-year. Although this year-on-year increase was higher than the 3.8% in the first quarter of last year, it was slightly lower than the 4.2% in the fourth quarter of last year. This is the first time since the third quarter of 2020 that the quarterly year-on-year increase in the Australian Wage Price Index has declined.
Trend Analysis:
We can see AUD/USD broke through and moved away from the 48 hours moving average. In addition, the MACD double lines and energy column shrank again and formed top divergence near the zero axis. The sell limit could be placed, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [0.6580]
Key Resistance Levels: [0.6760]
Pivot Points [0.6710]