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AUDUSD: Bears move down
2023-02-09
1007
Fundamental analysis:
The Australian dollar remained volatile around 0.69266 against the US dollar. Federal Reserve Chairman Powell predicted that 2023 will be a year of sharply lower inflation. At the same time, he reiterated the strength of the labor market, and the market believes that the possibility of a soft landing has increased.
Australian dollar AUDUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum remains volatile and moves downward, the short-term decline may continue, the market bearish sentiment emerges, the MACD indicator is in the bearish area and maintains consolidation, and the RSI indicator is hovering weakly below the 50 balance line;
Long-short turning point: 0.69338
Suppression: 0.69532, 0.69720
Support: 0.69109, 0.68934
Trading strategy: bearish below 0.69338, target 0.69109, 0.68934
Alternative strategy: Bullish above 0.69338, target 0.69532, 0.69720
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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