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AUDUSD: oscillating down
2023-04-09
901
Fundamental analysis:
AUD/USD remained oscillating around 0.66770. The impact of the economic recession will not only be local to the United States, but will be global. The Australian dollar will also be depreciated for the safe-haven buying demand of the US dollar. Added to the recent dovish move by the RBA on raising interest rates, the recent unfavorable factors for the Australian dollar seem to be a bit too much.
Australian dollar AUDUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the market is shrouded in bearish sentiment, the short-term decline has not stopped, the market has a further downward trend, the MACD indicator is in the bearish area to maintain consolidation, and the RSI indicator is hovering below the 50 balance line;
Resistance levels: 0.66889 0.66991
Support levels: 0.66665 0.66563
Trading strategy: bearish below 0.66786, target 0.66665 0.66563
Alternative strategy: Bullish above 0.66786, target 0.66889 0.66991
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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