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AUDUSD: Bears move down
2023-05-03
781
Fundamental analysis:
The Australian dollar remained volatile around 0.66651 against the U.S. dollar. Australia until the May 2 RBA interest rate decision was 3.85%, expected 3.60%, and the previous value was 3.60%. The Reserve Bank of Australia unexpectedly raised the benchmark interest rate by 25 basis points to 3.85%, continuing to hit a new high since 2012, and the market expects to keep interest rates unchanged.
Australian dollar AUDUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: The short-term momentum reversed and moved down, the market’s short-term sentiment emerged, and the short-term decline may continue. The MACD indicator is in the long-term zone and remains in order, and the RSI indicator is hovering weakly on the side of the 50 balance line;
Resistance levels: 0.66912 0.67052
Support levels: 0.66489 0.66337
Trading strategy: bearish below 0.66742, target 0.66489 0.66337
Alternative strategy: Bullish above 0.66742, target 0.66912 0.67052
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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