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AUDUSD: high move up
2023-06-11
759
Fundamental analysis:
The Australian dollar remained volatile around 0.67419 against the US dollar, and the risk of the Australian economy falling into recession was 50%. The market expects Australia's unemployment rate to climb further from the current 3.7% to 4.4% within the year, and reach 4.7% by mid-2024; the official cash rate is expected to rise from the current 4.10% to a peak of 4.35%.
Australian dollar AUDUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish dynamics are moving upwards with high volatility, the market is still bullish, and there is a trend of continuing to move upward in the short term. The MACD indicator is at a high level in the bullish zone, and the RSI indicator is hovering at a high level in the bullish zone;
Resistance levels: 0.67584 0.67742
Support levels: 0.67139 0.66987
Trading strategy: Bullish above 0.67319, target 0.67584 0.67742
Alternative strategy: bearish below 0.67319, target 0.67139 0.66987
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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