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AUDUSD: high move up
2023-06-18
697
Fundamental analysis:
The Australian dollar remained volatile around 0.68814 against the U.S. dollar. The market has already priced in the possibility that the RBA will raise interest rates by 25 basis points in July, betting that interest rates will inevitably reach 4.6% later this year. Compared with the Federal Reserve's pause in raising interest rates, the RBA still has a reason to raise interest rates in the future to give the Australian dollar a boost.
Australian dollar AUDUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level long-term momentum continued to fluctuate and rise after finishing, the short-term bullish sentiment remains, the market is bullish, the MACD indicator is at a high level in the long-term zone, and the RSI indicator is in the long-term zone.
Resistance levels: 0.69128 0.69385
Support levels: 0.68509 0.68266
Trading strategy: Bullish above 0.68751, target 0.69128 0.69385
Alternative strategy: bearish below 0.68751, target 0.68509 0.68266
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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