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AUDUSD: Bulls rise

2023-08-31
671
Fundamental analysis:

The Australian dollar remained volatile around 0.64739 against the U.S. dollar. Australia's July consumer price index rose 4.9% year-on-year, compared to expectations of 5.2%. The weaker-than-expected monthly inflation gauge mirrored global trends and bolstered the case for an extended pause in rate hikes by the Reserve Bank of Australia at its policy meeting next week.

Australian Dollar USD AUDUSD - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum continues to fluctuate and rise, the short-term bullish sentiment continues, the market bulls continue to rise, the MACD indicator is in the bullish zone and is moving upward, and the RSI indicator is hovering weakly above the 50 equilibrium line;

Resistance level: 0.64890 0.65052

Support level: 0.64550 0.64383

Trading strategy: Bullish above 0.64694, target 0.64890 0.65052
Alternative strategy: bearish below 0.64694, 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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