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AUDUSD: low volatility
2023-02-16
983
Fundamental analysis:
The Australian dollar remained volatile around 0.69087 against the US dollar. The recent hawkish turn by the Reserve Bank of Australia has caused the market to reassess the prospects for future interest rate hikes. It is expected that the current cash rate of 3.35% will peak at around 4.20%, compared with 3.60% expected a month ago.
Australian dollar AUDUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term dynamics fluctuate downward, short-term consolidation at low levels, the market’s short-term sentiment continues, the MACD indicator is weakly finishing below the 0 axis, and the RSI indicator is weakly hovering below the 50 balance line;
Long-short turning point: 0.69189
Suppression: 0.69400, 0.69569
Support: 0.68903, 0.68687
Trading strategy: bearish below 0.69189, target 0.68903, 0.68687
Alternative strategy: Bullish above 0.69189, target 0.69400, 0.69569
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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