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AUDUSD: effective suppression near 0.7030

2022-07-27
1196
Fundamental analysis:


On July 26, the International Monetary Fund (IMF) released its latest world economic outlook report, which was pessimistic about the global economic growth in 2022 and lowered its growth forecast to 3.2%, 0.4 percentage points lower than the forecast released in April 2022; The global growth forecast for 2023 was lowered to 2.9%, 0.7 percentage points lower than the forecast released in April 2022.


AUDUSD AUDUSD daily chart



Technical analysis:


According to the daily chart, the short-term exchange rate is still rising slowly. MACD runs below the 0 axis, but the volume can shrink slightly, and RSI rises slightly. It is expected that the exchange rate will probably decline further after the rebound, and wait patiently for the rebound to end.  


Multi empty turning point: 0.7030


Pressing bit: 0.7200 0.7400


Support position: 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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