Ultima Markets

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the AUDUSD for SEP 24, 2024. 

Key Takeaways 

• RBA interest rate decision: The RBA will announce its latest interest rate decision on Tuesday. Unlike the Fed, the current Australian labor market is strong, and core inflation is still high, so the RBA still retains the possibility of raising interest rates. Even if there is no rate hike, the market is also concerned about whether the RBA will issue hawkish words again, and the Australian dollar against the US dollar may break through the suppression of the 200-week MA. 

• Australia inflation: On Wednesday after the interest rate meeting, the RBA will release new inflation data. The market expects CPI to fall by 0.2% in August. The annual CPI rate in September may fall to 2.7%, lower than 3.5% in July. This will bring the overall inflation rate back to the RBA’s target range of 2% to 3%. 

Technical Analysis 

Daily Chart Insights 

(AUDUSD Daily Price Chart, Source: Ultima Markets MT4) 

• Stochastic oscillator: The indicator is about to enter the overbought area, suggesting that it is still in a bullish trend. It is worth noting that the current exchange rate has broken through the previous high, but the indicator is still lower than the previous high. Be alert to the reversal pattern of the exchange rate with a top divergence. 

• Alternative trend line: The exchange rate has continuously touched the current alternative trend line, and the price area is also near the 200-week MA. Be alert to the bearish price pattern of the exchange rate at such strong resistance. 

H1 Chart Insights 

(AUDUSD H1 Price Chart, Source: Ultima Markets MT4) 

• MACD: The slowdown of the momentum column has sent out a short signal again, and the exchange rate has hit a new high and formed a top divergence with the indicator. Investors need to be alert that the exchange rate will enter an intraday adjustment trend. 

• MA support: The MA group is currently in an upward stage, but the red 33-period MA shows signs of flattening. The current exchange rate faces two choices of long and short. If the USDAUD breaks through yesterday’s high after stepping back on the MA, the probability of continuing to rise will increase greatly. On the contrary, if the current rebound trend cannot effectively break through yesterday’s high resistance, the intraday short pressure will increase greatly, and the MA may not be able to effectively support the exchange rate. 

Pivot Indicator 

(AUDUSD M30 Price Chart, Source: Ultima Markets APP) 

• According to the Ultima Markets APP, the central price of the day is established at 0.6820, 

• Bullish Scenario: Bullish sentiment prevails above 0.6820, first target 0.6855, second target 0.6870; 

• Bearish Outlook: In a bearish scenario below 0.6820, first target 0.6800, second target 0.6780. 

Conclusion 

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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.