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AUDUSD: Bears plunge
2022-12-06
1175
Fundamental analysis:
The Australian dollar remained volatile around 0.66952 against the U.S. dollar. The market generally expects the RBA to raise the cash rate by 25 basis points to 3.10% on Tuesday, but there are large differences in interest rate forecasts for 2023. There was about a 30 percent chance the RBA would keep rates on hold on Tuesday, although a Reuters poll of 30 economists had expected it to raise rates by 25 basis points.
Australian dollar AUDUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level short-term momentum has fallen sharply, the short-term decline may continue, the overall short-term sentiment in the market is good, the MACD indicator is in the bullish area and oscillates back to the 0 axis, and the RSI indicator is at the side of the 50 balance line;
Long-short turning point: 0.67035
Suppression: 0.67235, 0.67430
Support: 0.66755, 0.66590
Trading strategy: bearish below 0.67035, target 0.66755, 0.66590
Alternative strategy: Bullish above 0.67035, target 0.67235, 0.67430
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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