Ultima Markets

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the AUDUSD for AUG 7 2024. 

Key Takeaways 

• RBA remains unchanged: Yesterday, the Reserve Bank of Australia continued to maintain interest rates at a 12 year high, waiting for sticky inflation to subside before considering whether to follow other central banks globally in cutting interest rates. 

• Australian dollar support: The wording of the Reserve Bank of Australia clarifies its hawkish stance – despite a slight weakness in the second quarter, inflation remains a concern. The Reserve Bank of Australia has hinted that it is far from considering starting its easing cycle, which could [provide additional support for the Australian dollar. 

Technical Analysis 

Daily Chart Insights 

• Stochastic oscillator: The indicator sends out a bullish signal in the oversold area, while forming a divergence pattern with the bottom of the exchange rate, indicating that the current bullish forces have the upper hand. It is worth paying attention to whether there are opportunities to enter the long market in small-scale event cycles. 

• Target price: Based on the formation of a pin bar before and after the exchange rate hits a low, the short-term market is dominated by a bullish trend, with attention paid to the red horizontal line above, which is the key price for converting bearish positions in the early stage. 

H1 Chart Insights 

• Stochastic Oscillator: After the indicator leaves the overbought area, it sends out a bullish signal again, indicating that the current short-term market is still dominated by bullish sentiment. The Asian session is usually a short period of time when the volatility of the Australian dollar is high, and the focus indicator has once again entered the overbought area. 

• MA trend: The green 200-MA has become a short-term resistance level for the Australian dollar against the US dollar. The red 33-MA is about to cross the 65-MA, while the short-term MA group is still dominated by a bullish trend before crossing the 200 MA. 

Pivot Indicator 

• According to the trading central in Ultima Markets APP, the central price of the day is established at 0.6490, 

• Bullish Scenario: Bullish sentiment prevails above 0.6490, first target 0.6540, second target 0.6560; 

• Bearish Outlook: In a bearish scenario below 0.6490, first target 0.6470, second target 0.6450. 

Conclusion 

To navigate the complex world of trading successfully, it’s imperative to stay informed and make data-driven decisions. Ultima Markets remains dedicated to providing you with valuable insights to empower your financial journey. 

For personalized guidance tailored to your specific financial situation, please do not hesitate to contact Ultima Markets. 

Join Ultima Markets today and access a comprehensive trading ecosystem equipped with the tools and knowledge needed to thrive in the financial markets. 

Stay tuned for more updates and analyses from our team of experts at Ultima Markets. 

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Disclaimer   

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.  

Willy

Willly is a skilled and experienced market analyst who has been analyzing financial markets for over 5 years. He currently serves as a Market Analyst at Ultima Markets, a leading financial services company. Willy brings a wealth of expertise in fundamental and technical analysis, having previously worked as Head of Financial Market Analyst at GCMAsia. There, he oversaw the research department and developed educational materials to build clients' financial knowledge. He also collaborated cross-functionally to amplify sales and achieve business goals. Prior to that role, Willy gained valuable experience as a Financial Market Analyst at the same company. He generated daily and weekly reports, conducted market briefings, and provided trading strategies through webinars. Read his latest market analyses on the Ultima Markets News & Analysis.

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