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AUDUSD: high volatility
2023-01-12
997
Fundamental analysis:
The Australian dollar remained volatile near 0.69110 against the U.S. dollar, after data from the Australian Bureau of Statistics on Wednesday showed retail sales jumped 1.4% in November from the previous month to a record A$35.9 billion. The median estimate was for a 0.6% increase, while retail sales in October were revised up sharply to 0.4% from an initial 0.2% increase.
Australian dollar AUDUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high short-term narrow range shocks slowly upward, the market’s bullish momentum is still there, and there are signs of continued upward movement in the short term. The MACD indicator is hovering at a high level in the bullish area, and the RSI indicator is in a weak order on the side of the 50 balance line;
Long-short turning point: 0.69035
Suppression: 0.69309, 0.69530
Support: 0.68746, 0.68536
Trading strategy: Bullish above 0.69035, target 0.69309, 0.69530
Alternative strategy: bearish below 0.69035, target 0.68746, 0.68536
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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