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AUDUSD: high rise

2023-05-09
762
Fundamental analysis:

The Australian dollar remained volatile near 0.67872 against the US dollar. The NAB business climate index in Australia fell to 14 in April, but it was still well above the long-term average. Business conditions in Australia remained strong in April despite high inflation and rising interest rates, supported by strong sales and the labor market, although cost pressures remained a challenge for businesses.

Australian dollar AUDUSD - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the high-level bullish momentum remains volatile and rising, the short-term bullish sentiment remains, the market bulls are constantly pulling up, the MACD indicator is hovering at a high level in the bullish zone, and the RSI indicator is in a high level consolidation in the bullish zone;

Resistance levels: 0.68010 0.68158

Support levels: 0.67644 0.67500

Trading strategy: Bullish above 0.67779, target 0.68010 0.68158
Alternative strategy: bearish below 0.67779, target 0.67644 0.67500

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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