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AUDUSD: maintain rebound short selling
2022-08-24
1123
Fundamental analysis:
The agency pointed out that before the Jackson Hole annual meeting, the hedge fund's bet on the Fed's adherence to hawks reached an unprecedented high, and the short position of the guaranteed overnight financing rate (sofr) futures reached a record 695000 contracts (with a fluctuation of 1bp and a value of $17 million). If US Federal Reserve Chairman Powell ruled out the possibility of pigeon transfer at the Jackson Hole annual meeting, this bet would be profitable.
AUDUSD daily chart
Technical analysis:
According to the daily chart, the short-term exchange rate stops falling and rebounds. MACD operates above the 0 axis but the volume can be released below the 0 axis. RSI continues to weaken. It is expected that the exchange rate will further decline after the rebound.
Long and short turning point: 0.7030
Pressing bit: 0.7200 0 0.7400
Support position: 0.6850 0.6700
Trading strategy: bearish below 0.7030, target 0.6850, 0.6700
Alternative strategy: bullish above 0.7030, target 0.7200, 0.7400
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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