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AUDUSD: bulls continue to move up

2022-08-05
1192
Fundamental analysis:

The Australian dollar remained volatile around 0.69662 against the US dollar. Australia's trade account for goods and services in June was a $17.67 billion, expected to be a $14billion, with a previous value of a $15.965 billion.


AUDUSD AUDUSD - 4-hour K-line chart shows:





Technical analysis:


According to the 4-hour chart, the bull momentum maintains a narrow consolidation and moves up slowly, and the short-term bullish mood may continue. The MACD index is in the short area, and the weak consolidation moves up, and the RSI index is in the weak hovering near the 50 equilibrium line;


Long short turning point: 0.69594


Pressing position: 0.69876, 0.70054


Support position: 0.69406, 0.69214


Trading strategy: bullish above 0.69594, target 0.69876, 0.70054


Alternative strategy: bearish below 0.69594, target 0.69406, 0.69214

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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