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AUDUSD: Bulls gain ground

2023-08-24
705
Fundamental analysis:

The Australian dollar remained volatile around 0.64796 against the U.S. dollar, with strike threats at Australian liquefied natural gas (LNG) suppliers taking more than a month to significantly push up global prices.

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



Brief technical analysis:

Looking at the 4-hour chart: the momentum of the bulls continues to fluctuate and rise, the short-term bullish sentiment continues, the bulls in the market continue to pull up, the MACD indicator hovers above the 0 axis, and the RSI indicator is in a weak order on the side of the 50 balance line;

Resistance levels: 0.64961 0.65109

Support levels: 0.64540 0.64387

Trading strategy: Bullish above 0.64712, target 0.64961 0.65109
Alternative strategy: bearish below 0.64712, target 0.64540 0.64387

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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