AUDUSD: finishing in a narrow range

The Australian dollar remained volatile around 0.66981 against the US dollar. There is a series of uncertainties in the outlook for interest rates and inflation. The RBA will need to resume raising interest rates in the coming months to keep inflation on a sufficiently downward trajectory. It is expected that interest rates will be raised by 25 basis points in July and August respectively, which is in stark contrast to market expectations, and the market believes that the probability of raising interest rates is only 50%.

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

Looking at the 4-hour chart: In the short term, a narrow range is maintained, the short-term momentum in the market is weakening, and the bullish momentum has signs of waiting for an opportunity to enter the market. The MACD indicator is in the short-term area to maintain consolidation, and the RSI indicator is hovering below the 50 balance line;

Resistance levels: 0.67091 0.67225

Support levels: 0.66822 0.66698

Trading strategy: Bullish above 0.66935, target 0.67091 0.67225

Alternative strategy: bearish below 0.66935, target 0.66822 0.66698