Focus on AUDUSD today – 18th June, 2024 

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the AUDUSD for June 18, 2024. 

Key Takeaways 

• Reserve Bank of Australia’s (RBA) policy meeting: Investors will pay attention to RBA’s interest rate decision that may provide more signal about the next interest rate cut. While a rate cut is not expected until next year, a clear signal may induce some volatility in the short-term.  
• Australian inflation: RBA hesitates to loosen its monetary policy due to high inflation rate. The latest CPI reading came in at 3.6% for April, cementing the need for high interest rates for the time being.  

Technical Analysis 

Daily Chart Insights 

• MACD: Following the formation of a bearish signal, overall bullish momentum depreciates sharply with the possibility for the formation of bearish momentum. Pay attention to further developments on the momentum to gain more market signals.  
• Support price: The pair received ample support from the downside which coincides with 65-MA line, dotted 200-MA line and 38.2% level of Fibonacci retracement. A close below this level may open further weakness ahead, with the next target around 61.8% level area.  

1-hour Chart Analysis 

• Stochastic oscillator: The oscillator enters the overbought region, suggesting the possibility for a change in trend direction. It is worth waiting for further developments in this area before entering the market.  
• Moving average resistance: Although the pair is currently extending its upside, the next resistance of 200-MA line will be the key determination of its mid-term trend. A failure to close above this level may lead to a change in trend direction and head towards the downside thereafter.  
• Elliott wave: The next trend of the pair will be critical as it will determine overall structure for the coming weeks. The previous downtrend since June 12 has been completed, with the recent upside bias divided into two possibilities. First, the recent rise is the formation of corrective wave C. Second, it is in the early stage of a new upward trend. The 1.382% Fibonacci extension level will become the dividing line of the trend direction, and it is also near the aforementioned moving average resistance. 

Pivot Indicator 

• According to the trading central in Ultima Markets APP, the central price of the day is established at 0.6590, 
• Bullish Scenario: Bullish sentiment prevails above 0.6590, first target 0.6630, second target 0.6645; 
• Bearish Outlook: In a bearish scenario below 0.6590, first target 0.6575, second target 0.6560. 

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.