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AUDUSD: Higher lows
2023-06-02
777
Fundamental analysis:
The Australian dollar remained volatile near 0.65639 against the U.S. dollar. Business investment in Australia rose to a seven-year high in the first quarter, benefiting from a jump in spending in mining, manufacturing and transportation. At the same time, companies confirmed their solid spending plans for the coming year.
Australian dollar AUDUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the momentum of low-level bulls is rising strongly, short-term bullish sentiment is shrouded, the market bulls are constantly moving upwards, the MACD indicator maintains shocks and moves up to the upper side of the 0 axis, and the RSI indicator is in a weak order above the 50 balance line;
Resistance levels: 0.65911 0.66071
Support levels: 0.65479 0.65301
Trading strategy: Bullish above 0.65639, target 0.65911 0.66071
Alternative strategy: bearish below 0.65639, target 0.65479 0.65301
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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