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AUDUSD: Bears on the downside

Fundamental analysis:

AUD/USD remained oscillating around 0.64159, Australian Trade Minister: Reaching a free trade agreement with the EU will mean easier access to key minerals in Europe. Talks with the EU trade commissioner are expected in the coming weeks. The EU is expected to offer a better free trade deal after talks stalled in July.

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

Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum is moving downwards, the short-term decline may continue, the overall bearish sentiment in the market continues to move down, the MACD indicator is hovering around the 0 axis, and the RSI indicator is below the 50 balance line.

Resistance: 0.64392 0.64590

Support levels: 0.64000 0.63842

Trading strategy: bearish below 0.64239, target 0.64000 0.63842
Alternative strategy: Bullish above 0.64239, target 0.64392 0.64590

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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