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AUDUSD: high position down
2022-11-18
1236
Fundamental analysis:
The Australian dollar remained volatile against the US dollar at 0.66898. Australia's unemployment rate was at a 50 year low in October. After the seasonal adjustment in October, the number of employed people increased by 32200, twice the market expectation. This shows that Australia needs to further raise interest rates to ease the tight labor market.
AUDUSD AUDUSD - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the momentum of high short positions remains volatile and moves downward, and the short-term short position decline may continue. The overall short position momentum of the market shows signs of waiting for opportunities to enter the market. The MACD index is in the area of long positions and moves downward, while the RSI index is in a weak position near the 50 equilibrium line;
Empty turning point: 0.67047
Pressing: 0.67458, 0.67800
Support: 0.66588, 0.66295
Trading strategy: 0.67047 lower bearish, target 0.66588, 0.66295
Alternative strategy: bullish on 0.67047, with targets of 0.67458 and 0.67800
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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