Focus on AUDUSD today – 27th AUG 2024 

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the AUDUSD for AUG 27 2024. 

Key Takeaways 

• Australian inflation: Australia will release July CPI data on Wednesday. Much like Japan, Australia’s inflation rate remains persistent, with the only decrease in the CPI annual rate occurring in June, when it dropped to 3.8%. If the data released on Wednesday shows no signs of weakness, the RBA is likely to maintain a hawkish stance, increasing the chances of an interest rate hike this year. 

• Fed member speech: Fed member Barkin hinted that the interest rate will be cut by 25 basis points in September, and said that the “low hiring, low firing” approach among companies may not persist. Daly said it is too early to judge whether the interest rate will be cut by 25 or 50 basis points in September, and the neutral interest rate adjusted for inflation may reach 1%. 

Technical Analysis 

Daily Chart Insights 

（AUD/USD Daily Price Chart, Sources from Ultima Markets MT4)

• Stochastic oscillator: The indicator sends a short signal in the overbought area, suggesting that the previous strong upward trend of the exchange rate will be curbed, and there is a probability of adjustment and decline in the short term. However, it is worth noting that the exchange rate has not fallen below the key price, so the indicator still has the possibility of a top divergence pattern. 

• Key resistance: The Australian dollar rose rapidly against the US dollar last Friday and hit the previous high. In theory, there will be an adjustment and decline in the future. Whether the adjustment will turn into a reversal depends on whether the exchange rate chooses to continue to rise or break down after stepping back to the key long-short conversion price of 0.67600. 

H1 Chart Insights 

(AUD/USD H1 Price Chart, Sources from Ultima Markets MT4)

• Stochastic Oscillator: The indicator has not entered the oversold area, and it is suspected that a long signal will be issued soon, suggesting that the exchange rate will rebound during the Asian session. Based on the short signal issued by the daily cycle, it is worth paying attention to the short signal that appears after the indicator returns to above the 50 median line. 

• Resistance price: Based on the expectation that the exchange rate is currently in an adjustment, the support strength of the short-term moving average group below (red 33 cycle and black 65 cycle) is particularly important. Investors need to pay attention to whether the exchange rate shows a bullish price action when it touches the moving average. 

Pivot Indicator 

(AUD/USD 30Minutes Price Chart, Sources from Ultima Markets APP)

• According to the trading central in Ultima Markets APP, the central price of the day is established at 0.6795, 

• Bullish Scenario: Bullish sentiment prevails above 0.6795, first target 0.6810, second target 0.6825; 

• Bearish Outlook: In a bearish scenario below 0.6795, first target 0.6760, second target 0.6745. 

Conclusion 

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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.