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AUDUSD: The shock moves down
2023-02-13
1063
Fundamental analysis:
The Australian dollar remained volatile around 0.69156 against the US dollar. The Reserve Bank of Australia on Friday raised its cut-off average inflation forecast for the end of June from 5.5% to 6.25%, and expected inflation to fall to 4.3% by the end of the year, compared with 3.8% previously; the Reserve Bank of Australia reiterated that it is necessary to "rate hikes" to bring inflation back to target.
Australian dollar AUDUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum remains volatile and moving downward, the short-term decline may continue, the market as a whole is in a weak position, the MACD indicator is weakly finishing below the 0 axis, and the RSI indicator is hovering weakly below the 50 balance line;
Long-short turning point: 0.69262
Suppression: 0.69426, 0.69620
Support: 0.68987, 0.68817
Trading strategy: bearish below 0.69262, target 0.68987, 0.68817
Alternative strategy: Bullish above 0.69262, target 0.69426, 0.69620
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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