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AUDUSD: Bears plunge
2023-07-07
733
Fundamental analysis:
AUD/USD remained volatile around 0.66244. The Reserve Bank of Australia suspended interest rate hikes in July, but most economists believe that the Reserve Bank of Australia will raise interest rates by 25 basis points in August.
Australian dollar AUDUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum has fallen rapidly, and the short-term low-level decline has continued to move downward. The MACD indicator is hovering weakly below the 0-axis, and the RSI indicator is in the short-term area to maintain shocks;
Resistance levels: 0.66518 0.66679
Support levels: 0.66096 0.65960
Trading strategy: bearish below 0.66348, target 0.66096 0.65960
Alternative strategy: Bullish above 0.66348, target 0.66518 0.66679
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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