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AUDUSD: The rebound continues with short selling
2022-08-19
1542
Fundamental analysis:
Wholesale energy prices have tripled in Australia's largest electricity market. Under a mechanism from a few years ago, the government could ask gas producers to prioritize domestic demand and limit exports. Such emergency powers have never been used, but lawmakers said this month they could use the mechanism to prevent gas shortages next year.
AUDUSD AUDUSD daily chart
A brief technical analysis:
Daily chart: After the short-term exchange rate plummeted, it stopped falling and rebounded slightly. MACD runs above the 0-axis but the volume can quickly shrink. The RSI weakens slightly. It is expected that the exchange rate will likely further decline after the rebound.
Long-short turning point: 0.7030
Suppression bit: 0.7200 0.7400
Support: 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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