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In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of AUD/USD for 28th September 2023.
(Daily chart of AUD/USD, source: Ultima Markets MT4)
Significant Decline: The daily chart indicated an expected decline in the exchange rate following the inflation data release. Subsequently, the market exhibited a distinctive Wolfe wave pattern, which carries the potential for a substantial rebound. It’s important to note that this pattern does not signify a definitive trend reversal at this stage.
(4-hour chart of AUD/USD, source: Ultima Markets MT4)
Divergence Structure: Transitioning to the 4-hour chart, the price decline led to the formation of a stochastic divergence pattern. This suggests that sellers may find motivation to close their positions and exit at the support level. Observing the influence of the 33-period moving average is crucial.
(1-hour chart of AUD/USD, source: Ultima Markets MT4)
Critical Zone: Within the 1-hour timeframe, the area around 0.63853 is a crucial support and resistance conversion zone. This level is also proximate to the 65-period moving average. A potential breakout above this resistance level may pose challenges for the Australian dollar in maintaining its downward trajectory for the day.
(1-hour chart of AUD/USD, source: Ultima Markets MT4)
Key Price Levels: According to the pivot indicator within Ultima Markets MT4, the central price for the day stands at 0.63638.
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