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AUDUSD: Bulls climb higher

2023-07-13
800
Fundamental analysis:

AUD/USD remained volatile around 0.67739, RBA Chairman Philip Lowe said that despite keeping interest rates unchanged at the last meeting, it was "likely" to raise interest rates further; however, the RBA's cautious stance kept traders trimming the August rate hike probability;

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



Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum is rising strongly, the market is shrouded in bullish sentiment, and there is a short-term upward trend, the MACD indicator is in the bullish zone and the RSI indicator is in the bullish zone.

Resistance levels: 0.68002 0.68133

Support levels: 0.67668 0.67534

Trading strategy: Bullish above 0.67799, target 0.68002 0.68133
Alternative strategy: bearish below 0.67799, target 0.67668 0.67534

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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