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AUDUSD: The sudden strength of the bears
2022-08-16
1235
Fundamental analysis:
Chinese economic data came in well below expectations, denting commodity prices and global risk sentiment. The Australian dollar was volatile and weakened, with markets expecting the Reserve Bank of Australia to also tighten policy further at its next policy meeting in September, although markets were divided on whether it would raise interest rates by 25 or 50 basis points.
AUDUSD AUDUSD daily chart
Technical brief:
From the daily chart: the short-term exchange rate plummets, the MACD runs above the 0-axis but the volume can shrink rapidly, the RSI weakens slightly, 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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