AUDUSD: Continue the rally

Fundamental analysis:

From 0.4% in the second quarter to 3.9% in the third quarter, the Chinese economy endured another "stress test" and showed resilience. Growth rate is an important but not the only indicator to measure China's economic development. We can see the general logic and trend in the short-term fluctuations. A scientific analysis of the Chinese economy depends on whether the ship is headed in the right direction, has strong momentum and has full potential. Sailing in the sea, no matter how big a ship is, there will be some bumps for a while. But this is a problem on the way forward. We are confident that we can solve these problems in the course of development.

Daily AUDUSD chart

Technical analysis:

The daily chart shows that the short-term exchange rate is gaining momentum for a quick upswing, MACD is running below the 0 axis but the volume can continue to shrink, RSI is weakening slightly, and it is expected that the exchange rate will further rebound in the short term with a high probability.

Long-short turning point: 0.6450

Pressure position: 0.6650 0.6850

Support: 0.6250 0.6050

Trading strategy: Bearish below 0.6450, target 0.6250, 0.6050

Alternative strategy: Bullish above 0.6450, target 0.6650, 0.6850