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AUDUSD: High level rollback
2022-11-17
1215
Fundamental analysis:
The Australian dollar remained volatile against the US dollar at 0.67407, IMF staff said in the summary statement of Australia's 2022 Article IV Consultation. Since the start of the tightening cycle in May, the Federal Reserve of Australia has raised interest rates by 2.75 percentage points and said it would further raise interest rates. The bank expects consumer prices to rise as much as 8% this year.
AUDUSD AUDUSD - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that after the high short-term shock moves up, it starts to retreat slowly when encountering obstacles, and the market short power has signs of waiting for an opportunity to enter. The MACD indicator is at the high level in the bull region and moves slowly down, while the RSI indicator is at the weak point in the bull region;
Empty turning point: 0.67,438
Pressing: 0.67800, 0.68150
Support: 0.67018, 0.66760
Trading strategy: 0.67438 lower bearish, target 0.67018, 0.66760
Alternative strategy: bullish above 0.67438, with targets of 0.67800 and 0.68150
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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