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AUDUSD: continuous trial 0.7030 suppression
2022-08-01
1435
Fundamental analysis:
Treasury now expects inflation to peak at 7.75 per cent in the fourth quarter, up from the RBA's most recent forecast of 7 per cent. The worrying inflation outlook is all but certain to force the RBA to raise interest rates by another 50 basis points at next week's policy meeting, taking the cash rate to 1.85%.
AUDUSD AUDUSD daily chart
A brief technical analysis:
From the daily chart: the short-term exchange rate is still buffering high and fluctuating violently in the short-term. The MACD is running below the 0-axis but the volume is slightly higher on the 0-axis. The RSI has risen slightly. It is expected that the exchange rate will be gradually under pressure. Wait for the rebound to end and pay attention to whether the suppression near 0.7030 is effective.
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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