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AUDUSD: 0.7030 suppressed rock solid
2022-08-03
1727
Fundamental analysis:
The Atlanta Fed's GDPNow GDP model lowered U.S. third-quarter GDP growth by nearly 1 percentage point to 1.3%. The Atlanta Fed’s GDP Now GDP model projects that the U.S.’s real GDP in the third quarter of this year was an annualized rate of 1.3%, down from 2.1% on July 29.
AUDUSD AUDUSD daily chart
A brief technical analysis:
From the daily chart: the short-term exchange rate hit 0.7030 and then fell quickly after being suppressed. MACD was running above the 0-axis but the volume was insufficient. The RSI fell rapidly. It is expected that the exchange rate will likely fall further and adjust.
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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