30 Jan, 2024
5 minutes
Daily Technical Analysis January 30th 2024
1. AUD/USD Analysis:
News Summary:
The RBA will hold its next meeting on February 5-6. For the Reserve Bank of Australia, high inflation remains the biggest concern. The recent economic data continues to point to slow, below-trend growth in Australia. Therefore, the quarterly CPI to be released on January 31 is crucial to the RBA monetary policy decision in February. Westpac Bank predicts the RBA will keep interest rates unchanged in February. If the Australian dollar appreciates, the contribution of rising commodity price to economic growth may be reversed.
Trend Analysis:
We can see AUD/USD rebounded again and ran above the 48 hours moving average. In addition, the MACD double line and the energy column expanded upward near the zero axis. In short term, the sell limit could be placed, stop loss is compulsory.
Today's Key Price Levels:
Key Support Levels: [0.6500]
Key Resistance Levels: [0.6700]
Pivot Points [0.6670]
2. Gold Analysis:
News Summary:
Historical volatility for gold has slipped to four-month lows, raising the possibility of an imminent volatility breakout. Gold positive momentum appears to be making a comeback amid factors such as rising geopolitical risk premiums and bets on market sentiment ahead of the Fed's decision. Rising real yields on the 10-year U.S. Treasury bond and rising geopolitical risk premiums have created a lower and upper limit for gold of $2,000 and $2,040 respectively.
Trend Analysis:
We can see the gold encountered resistance and fell back and ran above 48 hours moving average on H4 chart. In addition, the MACD double line and the energy bar began to turn downward. Currently, gold trends have been driven by opposite fundamental factors and have maintained range fluctuations. The sell limit could be arranged below previous resistance, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [2010]
Key Resistance Levels: [2050]
Pivot Points [2042]