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AUDUSD: Bears move down

2023-05-14
852
Fundamental analysis:

The Australian dollar remained volatile around 0.66424 against the U.S. dollar. The market was worried about the slowdown of the global economy. The Australian dollar fell 0.25% against the U.S. dollar at one point, hitting a new low of more than a week to 0.6684. The weekly line may fall by 0.8%. The Australian dollar fell 1.1 percent overnight. Australia and New Zealand have been under pressure this week from a slew of data from major Asian powers that suggested the economic rebound from the lifting of lockdowns may be fading.

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



Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum is going down strongly, the short-term decline has not stopped, the market is shrouded in bearish sentiment, the MACD indicator is in the bearish zone and continues to decline, and the RSI indicator is in the bearish zone and moves downward;

Resistance levels: 0.66693 0.66864

Support levels: 0.66249 0.66092

Trading strategy: bearish below 0.66513, target 0.66249 0.66092
Alternative strategy: Bullish above 0.66513, target 0.66693 0.66864

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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