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AUDUSD: Bullish pullback gaining momentum


Fundamental analysis:

The RBA is set to raise rates by a modest 25 basis points next Tuesday for the second month in a row and again by the same amount in December, despite inflation hitting a 30-year high. That has left the RBA lagging behind other central banks, which are still raising rates more aggressively. The RBA started its rate hike cycle relatively late, with four consecutive 50 basis point hikes.

Daily AUD/USD AUDUSD chart

Technical analysis:

Daily chart: the short-term exchange rate will continue to rise after the pullback momentum, MACD runs below the 0 axis but the volume can continue to shrink, RSI continues to strengthen, it is expected that the exchange rate will be a large probability of further attack after finishing.

Long-short turning point: 0.6450

Pressure position: 0.6650 0.6850

Support: 0.6250 0.6050

Trading strategy: Bullish above 0.6450, targets 0.6650, 0.6850

Alternative strategy: Bearish below 0.6450, target 0.6250, 0.6050

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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