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AUDUSD: Bulls pull up

2023-02-02
955
Fundamental analysis:

The Australian dollar remained volatile around 0.71329 against the U.S. dollar. The head of the RBA's economic analysis department said that the full impact of the aggressive rate hike cycle has not yet appeared, and the response of households will determine the severity of the economic slowdown this year.

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



Brief technical analysis:

Looking at the 4-hour chart: The bullish momentum maintains a shock and rises, and it is about to break through the previous high node in the short term. For the first time, bullish sentiment emerges. The MACD indicator moves upward on the upper side of the 0 axis, and the RSI indicator maintains a shock and rise in the bullish zone;

Long-short turning point: 0.71224

Suppression: 0.71488, 0.71642
Support: 0.71055, 0.70891

Trading strategy: Bullish above 0.71224, target 0.71488, 0.71642
Alternative strategy: bearish below 0.71224, target 0.71055, 0.70891

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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