🇦🇺 Australian Inflation: April CPI increased by 3.6% year-on-year, indicating persistent inflation. The Reserve Bank of Australia may consider raising interest rates again.
🔍 Technical Analysis Highlights:
• MACD (Daily): Near the zero axis; watch for bullish signals or rapid decline.
• Support Price (Daily): Strong support at the 200-day moving average and 38.2% Fibonacci level. If this strong support is also broken, the downside space opens, targeting at least the 61.8% range.
• Stochastic Oscillator (1 hour): Overbought. Awaiting bullish signal exit.
• Moving Average Resistance (1 hour): Key resistance at the 200-period moving average. Failure to break could indicate continued decline.
• Elliott Wave (1 hour): Key trend direction. Focus on the 1.382 Fibonacci extension.
📍 Pivot Points:
• Pivot price: 0.6590
• Bullish Scenario: Above 0.6590, targeting 0.6630 and 0.6645
• Bearish Scenario: Below 0.6590, targeting 0.6575 and 0.6560
#UltimaMarkets #TechnicalAnalysis #MarketAnalysis #AUDUSD #RBA #InterestRate #CPI #Indicators #ReserveBankofAustralia
