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AUDUSD: low move down
2023-02-07
1137
Fundamental analysis:
AUD/USD remained volatile around 0.68839. The market expects the RBA to raise interest rates by 25 basis points tomorrow. Australia's economic outlook has recently improved and become stronger as China has eased restrictions on the new crown epidemic. Therefore, the RBA is expected to cut interest rates. It will be weaker than the Fed.
Australian dollar AUDUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bearish downward trend continues, and after the short-term consolidation at low levels, it still continues to move downward.
Long-short turning point: 0.68928
Suppression: 0.69133, 0.69327
Support: 0.68648, 0.68490
Trading strategy: bearish below 0.68928, target 0.68648, 0.68490
Alternative strategy: Bullish above 0.68928, target 0.69133, 0.69327
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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