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AUDUSD: Bulls move up
2023-01-24
985
Fundamental analysis:
AUD/USD remained volatile around 0.70301, with JPMorgan's trading model showing financial market bets on a recession have actually fallen sharply from their 2022 highs. That's a far cry from last October, when the broader market thought a weak economy was a foregone conclusion.
Australian dollar AUDUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum remains volatile and moves up, the short-term bullish sentiment is shrouded, the bullish trend in the market is good, the MACD indicator is in the bullish zone and is slowly rising, and the RSI indicator is in the bullish zone for consolidation;
Long-short turning point: 0.70191
Suppression: 0.70483, 0.70678
Support: 0.70009, 0.69851
Trading strategy: Bullish above 0.70191, target 0.70483, 0.70678
Alternative strategy: bearish below 0.70191, target 0.70009, 0.69851
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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