Daily Technical Analysis February 26th 2024

1. USD/JPY Analysis:

News Summary:

The yen is the worst performing G10 currency this year, with USD/JPY up 6.7% so far this year. The yen was set for a fourth straight week of losses as investors chased higher yields elsewhere and bet Japan's interest rates would remain near zero for some time. With the Federal Reserve expected to keep interest rates higher for longer, investors continue to engage in carry trades, selling or borrowing yen to invest in higher-yielding currencies.

Trend Analysis:

We can see USD/JPY is consolidating at a high level, while the MACD energy column and double line are shrinking downward near the zero axis on H4 chart. Although Japan's economy is in recession, the Bank of Japan is expected to end negative interest rates in the coming month. Currently, the buy limit can be placed, stop loss is compulsory.

Today's Key Price Levels:

Key Support Levels: [149.00]

Key Resistance Levels: [151.20]

Pivot Points [149.70]

2. AUD/USD Analysis:

News Summary:

Australian economists have brought forward the Reserve Bank of Australia's interest rate cut cycle as inflation expectations edged down. The RBA will cut the cash rate by 25 basis points to 4.1% in the third quarter, up from expectations a month ago that the RBA would begin easing monetary policy in the fourth quarter, the RBA is currently expected to cut interest rates for the first time in September.

Trend Analysis:

We can see AUD/USD fluctuated downwards, and gradually approached the 48 hours moving average on H4 chart. The MACD double line and the energy column were hovering near the zero axis. The sell limit could be used, stop loss is necessary.

Today's Key Price Levels:

Key Support Levels: [0.6440]

Key Resistance Levels: [0.6650]

Pivot Points [0.6600]

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