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AUDUSD: Bulls on the upside

2023-03-17
841
Fundamental analysis:

AUD/USD remained volatile around 0.66577. After two consecutive months of decline in Australia's employment population, it rebounded strongly in February, while the unemployment rate fell back to a near 50-year low, indicating that the Australian labor market is still tight when the central bank continues to raise interest rates .

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



Brief technical analysis:

Looking at the 4-hour chart: short-term bullish momentum; once again oscillating upwards, the market is shrouded in bullish sentiment, bullish momentum continues to rise, the MACD indicator is hovering around the 0 axis, and the RSI indicator is weakly finishing near the 50 balance line;

Resistance levels: 0.66698 0.66812

Support levels: 0.66394 0.66246

Trading strategy: Bullish above 0.66521, target 0.66698 0.66812
Alternative strategy: bearish below 0.66521, target 0.66394 0.66246

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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