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AUDUSD: The rebound continues with short selling
2022-08-23
1210
Fundamental analysis:
Citi's chief technical strategist Tom Fitzpatrick said the Fed's job is far from done, and they need to add another 75 basis points in September until inflation (or other factors) subside. Achieving this goal in the short term without a recession and rising unemployment could be a difficult challenge.
AUDUSD AUDUSD daily chart
A brief technical analysis:
From the daily chart: the short-term exchange rate has stopped falling, the MACD is running above the 0-axis but the volume can shrink rapidly, the RSI continues to weaken, and it is expected that the exchange rate will likely fall further.
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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