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AUDUSD: Bulls pull up
2023-03-29
970
Fundamental analysis:
The Australian dollar remained volatile near 0.67111 against the US dollar. Australian retail sales in February increased by 0.2% month-on-month, which was lower than the expected increase of 0.4%, but consumer demand has not yet begun to flatten. The level of retail sales growth is still 16% above what the pre-pandemic trend line would suggest.
Australian dollar AUDUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum remains volatile and pulls up, the short-term bullish sentiment remains, the bulls in the market continue to move upwards, the MACD indicator is hovering above the 0 axis, and the RSI indicator is on the side of the 50 balance line for weak consolidation;
Resistance levels: 0.67202 0.67318
Support levels: 0.66948 0.66839
Trading strategy: Bullish above 0.67056, target 0.67202 0.67318
Alternative strategy: bearish below 0.67056, target 0.66948 0.66839
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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