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AUDUSD: Continuous bottoming of commodity currency
2022-10-17
1105
Fundamental analysis:
The International Monetary Fund (IMF) said on Thursday that tightening global financial conditions and high inflation have cast a shadow on the prospects of Latin America and the Caribbean economies. The IMF earlier this week raised the region's output growth rate forecast for 2022 to 3.5% from the previous 3%, but reduced the growth rate forecast for 2023 by 0.3 percentage points to 1.7%.
AUDUSD daily chart
Technical analysis:
The daily chart shows that the short-term exchange rate has fallen again after sorting out. The MACD runs below the 0 axis and the volume can continue to increase. The RSI continues to weaken. It is expected that the exchange rate probability will continue to decline in the short term.
Empty turning point: 0.6450
Pressing position: 0.6650 0.6850
Support position: 0.6250 0.6050
Trading strategy: bearish at 0.6450, target 0.6250, 0.6050
Alternative strategy: bullish above 0.6450, target 0.6650, 0.6850
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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