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AUDUSD: Bears fall

Fundamental analysis:

The Australian dollar remained volatile around 0.65916. The RBA raised interest rates by 25 basis points to 3.60%, in line with market expectations. The RBA’s tone was dovish. The RBA said that the monthly CPI indicator indicated that inflation in Australia had reached its peak. Wage growth remains consistent with achieving the inflation target.

Australian dollar AUDUSD - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum has fallen sharply, the market is shrouded in short-term sentiment, and there is a downward trend in the short term. The MACD indicator is in the short-term area and continues to move downward, and the RSI indicator is in the short-term area.

Resistance levels: 0.66230 0.66426

Support levels: 0.65740 0.65580

Trading strategy: bearish below 0.66028, target 0.65740 0.65580
Alternative strategy: Bullish above 0.66028, target 0.66230 0.66426

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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