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AUDUSD: high move up
2023-01-25
971
Fundamental analysis:
The Australian dollar remained volatile near 0.70569 against the US dollar, and the RBA is about to pause interest rate hikes. The RBA has tightened policy every month since last May, hitting the Australian economy. The official cash rate will peak at around 3.60%. Tightness in the Australian labor market has eased as immigration rebounded.
Australian dollar AUDUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high level fluctuates upwards, and the short-term bullish sentiment remains. The market as a whole is in a bullish upward trend. The previous high level is close at hand and is about to break through.
Long-short turning point: 0.70375
Suppression: 0.70636, 0.70800
Support: 0.70205, 0.70009
Trading strategy: Bullish above 0.70375, target 0.70636, 0.70800
Alternative strategy: bearish below 0.70375, target 0.70205, 0.70009
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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