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AUDUSD: Bulls move up

Fundamental analysis:

The Australian dollar remained volatile near 0.64796 against the US dollar, and the selling of the Australian dollar continued. AUD sell-off intensifies as U.S.-China economic disagreement persists. The Chinese economy is shrinking as the slowdown continues.

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

Brief technical analysis:

Looking at the 4-hour chart: the bullish dynamics are oscillating upwards, short-term bullish sentiment emerges, the bulls in the market continue to pull up, the MACD indicator is in the bullish area and fluctuates upward, and the RSI indicator is on the side of the 50 balance line;

Resistance levels: 0.64952 0.65104

Support levels: 0.64550 0.64383

Trading strategy: Bullish above 0.64717, target 0.64952 0.65104
Alternative strategy: bearish below 0.64717, target 0.64550 0.64383

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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