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AUDUSD: Bears are gaining momentum
2022-08-21
1226
Fundamental analysis:
Australia's record trade surplus will provide fundamental support. "We remain constructive on the Aussie, especially the cross," said JPMorgan currency strategist Patrick R Locke. The Aussie is expected to rise to 0.70 by the end of the year, while the Aussie is expected to rise to 0.70 by the end of March and June next year. The dollar will rise to 0.72 and 0.74, respectively.
AUDUSD AUDUSD daily chart
A brief technical analysis:
From the daily chart: the short-term exchange rate accelerates downward, the MACD runs above the 0-axis but the volume can rapidly shrink, the RSI continues to weaken, and it is expected that the exchange rate will likely fall further.
Long-short turning point: 0.7030
Suppression bit: 0.7200 0.7400
Support: 0.6850 0.6700
Trading strategy: bearish below 0.7030, target 0.6850, 0.6700
Alternative strategy: bullish above 0.7030, target 0.7200, 0.7400
The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.
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