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AUDUSD: Weakness continues
2022-06-19
67432
Fundamental analysis:
The Fed wants to steadily raise rates for the rest of the year, possibly including an additional 75 basis points, with the federal funds rate rising to 3.4% by the end of the year. This would be the highest level since January 2008. But it also marks a slowdown in the economy and rising unemployment in the coming months.
AUDUSD daily chart
A brief technical analysis:
See the daily chart: between the short-term exchange rate consolidation and the middle and lower rails, the exchange rate is wide-ranging and has tested the middle and lower rails for many times. The Bollinger Bands indicator is showing an open trend and is going down. The MACD is running below the 0 axis and the volume can start to increase. RSI Weakening rapidly, it is expected that the exchange rate will likely fall further.
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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