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AUDUSD: Bears quickly recover lost ground

Fundamental analysis:

Because the Fed is so focused on containing inflation, it will likely keep raising rates until the U.S. economy slips into recession, said Bank of America analyst Mark Cabana. The Fed has become very hawkish as the labor market strengthens. Unless the labor market also slows sharply, the Fed may not believe that inflation has cooled, and it looks set to cool the labor market. .

AUDUSD AUDUSD daily chart

A brief technical analysis:

From the daily chart: the short-term exchange rate plummeted and weakened, the MACD was running below the 0-axis and the volume was slightly increased, and the RSI fell rapidly. It is expected that the exchange rate will likely fall further. 

Long-short turning point: 0.7030

Suppression bit: 0.7200 0.7400

Support level: 0.6850 0.6650

Trading strategy: bearish below 0.7030, target 0.6850, 0.6650

Alternative strategy: bullish above 0.7030, target 0.7200, 0.7400

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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