28 Mar, 2024
5 minutes
Daily Technical Analysis March 28th 2024
1. AUD/USD Analysis:
News Summary:
Economists at HSBC noted that Australia inflation rate has been falling since peaking in the fourth quarter of 2022, but preliminary data on Wednesday showed that the pace of decline may be slowing. Although the overall CPI remained stable at 3.4% in February, the average CPI after excluding fluctuation factors rose to 3.9% from 3.8% in January. Wednesday's data also showed further strength in housing costs, with rental inflation rising to 7.6% from 7.4% in January.
Trend Analysis:
We can see AUD/USD fluctuates at a low level, and it is still running below the 48 hours moving average. In addition, the MACD double line and histogram bar are shrinking near the zero axis. The sell limit can be placed, stop loss is compulsory.
Today's Key Price Levels:
Key Support Levels: [0.6460]
Key Resistance Levels: [0.6610]
Pivot Points [0.6570]
2. Gold Analysis:
News Summary:
While the US dollar continues to show strength this week, market analysts say gold's bull run may not have peaked yet. Gold recent gains stalled amid a stronger US dollar at the end of last week, but the retracement has been overblown. As the precious metal retreats from its all-time high, it has shown mild bearish price action, leading some to believe it may have peaked. While there is some doubt about the short-term technical outlook, the long-term trend remains bullish.
Trend Analysis:
We can see gold rebounded again and ran above the 48 hours moving average on H4 chart. On the other hand, the MACD double line and energy column shrank above the zero axis. The buy limit could be arranged, stop loss is mandatory.
Today's Key Price Levels:
Key Support Levels: [2170]
Key Resistance Levels: [2220]
Pivot Points [2180]