You are visiting the website that is operated by Ultima Markets Ltd, a licensed investment firm by the Financial Services Commission “FSC” of Mauritius, under license number GB 23201593. Please be advised that Ultima Markets Ltd does not have legal entities in the European Union.
If you wish to open an account in an EU investment firm and protected by EU laws, you will be redirected to Ultima Markets Cyprus Ltd (the “CIF”), a Cyprus investment firm duly licensed and regulated by the Cyprus Securities and Exchange Commission with license number 426/23.
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.
Legal Documents
Ultima Markets, a trading name of Ultima Markets Ltd, is authorized and regulated by the Financial Services Commission “FSC” of Mauritius as an Investment Dealer (Full-Service Dealer, excluding Underwriting) (license No. GB 23201593). The registered office address: 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, 72201, Mauritius.
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.
Copyright © 2023 Ultima Markets Ltd. All rights reserved.