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AUDUSD: Bears move down
2023-05-17
819
Fundamental analysis:
The Australian dollar remained volatile around 0.66574 against the US dollar. The minutes of the RBA meeting showed that the market predicts that inflation will return to the top of the target range by mid-2025. There is little room for upside inflation risks. Further interest rate hikes may still be required, but this will depend on the economy and the evolution of inflation, the Board considered a pause or a 25 basis point hike in its May policy decision.
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 market as a whole is in a bearish downward trend, the MACD indicator is below the 0 axis, and the RSI indicator is below the 50 balance line and the short-term area is moving down;
Resistance levels: 0.66809 0.66957
Support levels: 0.66411 0.66249
Trading strategy: bearish below 0.66661, target 0.66411 0.66249
Alternative strategy: Bullish above 0.66661, target 0.66809 0.66957
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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