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AUDUSD: Bulls soar
2022-12-01
1195
Fundamental analysis:
The Australian dollar remained volatile around 0.67869 against the US dollar. According to data from the Australian Bureau of Statistics, the consumer price index (CPI) rose by 6.9% year-on-year in October, a slowdown from the 7.3% rise in September. This came as a surprise to the RBA. To curb inflation, the central bank has been forced to raise interest rates by a cumulative 275 basis points, bringing the benchmark rate to a nine-year high of 2.85%.
Australian dollar AUDUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the momentum of the bulls has soared rapidly, the short-term bullish sentiment is shrouded, the overall bullish situation in the market is good, the previous high is about to break, the MACD indicator is hovering above the 0 axis, and the RSI indicator is on the 50 balance line.
Long-short turning point: 0.67777
Suppression: 0.67996, 0.68132
Support: 0.67643, 0.67501
Trading strategy: Bullish above 0.67777, target 0.67996, 0.68132
Alternative strategy: bearish below 0.67777, target 0.67643, 0.67501
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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