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AUDUSD: The rebound continues to be short
2022-07-03
1320
Fundamental analysis:
Commodity currencies fell on growing fears of an imminent slowdown in the global economy. The Australian dollar fell more than 2.2% against the US dollar, hitting a new low of 0.6783 since mid-June 2020; the New Zealand dollar fell 2.3% against the U.S. dollar, hitting a new low of 0.6161 since late May 2020.
AUDUSD daily chart
A brief technical analysis:
From the daily chart: the short-term exchange rate continues to decline, the exchange rate shows signs of breaking down, the Bollinger Bands indicator is converging and gradually descending, the MACD is running below the 0 axis and the volume can continue to increase, the RSI is weakening rapidly, and the exchange rate is expected to have a high probability. Will fall further after the rebound.
Long-short turning point: 0.7125
Suppression bit: 0.7285 0.7450
Support level: 0.6950 0.6800
Trading strategy: bearish below 0.7125, target 0.6950, 0.6800
Alternative strategy: bullish above 0.7125, target 0.7285, 0.7450
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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