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AUDUSD: low volatility
2023-04-12
879
Fundamental analysis:
AUD/USD remains volatile around 0.66555, with the National Australia Bank (NAB) measure of business conditions for March in focus. Businesses remain concerned about the outlook given the expected slowdown in the economy. Stephen Wu added that price pressures are at historically high levels but continue to trend downward, which is positive for the inflation outlook.
Australian dollar AUDUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term lows fluctuate within a narrow range, the market’s bearish sentiment remains, and there are signs of continued lows and downward moves in the short term. The MACD indicator is in the short-term area to maintain consolidation, and the RSI indicator is hovering below the 50 balance line;
Resistance levels: 0.66679 0.66781
Support levels: 0.66457 0.66368
Trading strategy: bearish below 0.66583, target 0.66457 0.66368
Alternative strategy: Bullish above 0.66583, target 0.66679 0.66781
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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