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AUDUSD: Focus on suppression near 0.6850
2022-07-17
1230
Fundamental analysis:
The Australian dollar has fallen to a new low of 0.6680 since the beginning of June 2020, and is currently trading around 0.6750. Australia's unemployment rate fell to a 48-year low in June, while record job vacancies point to further tightening in the labor market.
AUDUSD daily chart
A brief technical analysis:
The daily chart shows that the short-term exchange rate has stopped falling. The MACD is running below the 0-axis but the volume is slightly shrinking, and the RSI is rising slightly. It is expected that the exchange rate will likely fall further after the rebound.
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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