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AUDUSD: shock retracement
2023-02-10
1049
Fundamental analysis:
The Australian dollar remained volatile around 0.69356 against the US dollar. The first batch of Australian coal has now arrived in China, awaiting customs clearance. Traders expect the coal to be cleared smoothly, which gives hope that this may lead to the lifting of the ban on other Australian commodities.
Australian dollar AUDUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term wide range of volatility, the short-term momentum is waiting for an opportunity to enter the market and move down, the short-term decline may continue, the MACD indicator is hovering weakly below the 0 axis, and the RSI indicator is weakly finishing below the 50 balance line;
Long-short turning point: 0.69421
Suppression: 0.69620, 0.69808
Support: 0.69180, 0.69028
Trading strategy: bearish below 0.69421, target 0.69180, 0.69028
Alternative strategy: Bullish above 0.69421, target 0.69620, 0.69808
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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