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AUDUSD: Bears move down
2023-03-26
881
Fundamental analysis:
The Australian dollar remained volatile around 0.66497. The Australian Judo banking services PMI fell from 50.6 in February to 48.1 in March, and the manufacturing PMI dropped from 50.7 to 48.2. Both fell back below the line of prosperity and decline; Andrew Forrest, founder of Fortescue Metals , Rio Tinto boss Jakob Stausholm and BHP chief executive Mike Henry are all heading to China this weekend for a development forum.
Australian dollar AUDUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum continues to fluctuate and move down, the short-term decline may continue, the overall bearish sentiment in the market is shrouded, the MACD indicator is below the 0 axis and moves down weakly, and the RSI indicator is hovering below the 50 balance line;
Resistance levels: 0.66664 0.66787
Support levels: 0.66380 0.66271
Trading strategy: bearish below 0.66548, target 0.66380 0.66271
Alternative strategy: Bullish above 0.66548, target 0.66664 0.66787
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