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AUDUSD: The bears may make another effort
2022-08-07
1358
Fundamental analysis:
Australia's big four banks and multinational banks such as Goldman Sachs still see the RBA raising interest rates by the same amount next month, raising the cash rate to 2.35% from 1.85%. As a result, the RBA's five-month cumulative rate hike will reach 225 basis points, the steepest rate hike path since the 275 basis point hike from August to December 1994.
AUDUSD AUDUSD daily chart
A brief technical analysis:
From the daily chart: the short-term exchange rate rebounded slightly and then weakened again. The MACD was running above the 0-axis but the volume was insufficient, and the RSI fell rapidly. It is expected that the exchange rate will likely further fall 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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