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AUDUSD: highs move down
2023-04-05
931
Fundamental analysis:
The Australian dollar remained volatile around 0.67550 against the U.S. dollar. The RBA suspended interest rate hikes and kept the policy rate at 3.6%. It is the first central bank in a major developed country to suspend interest rate hikes since the outbreak of the banking crisis. Prior to this, the Reserve Bank of Australia has raised interest rates 10 times since May last year, with a total of 350 basis points.
Australian dollar AUDUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: high-level short-term momentum emerges, short-term shocks go down, the market continues to fluctuate and move down in the short-term, the MACD indicator is at a high level in the bullish area, and the RSI indicator is hovering weakly above the 50 balance line;
Resistance levels: 0.67709 0.67818
Support levels: 0.67452 0.67355
Trading strategy: bearish below 0.67609, target 0.67452 0.67355
Alternative strategy: Bullish above 0.67609, target 0.67709 0.67818
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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