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AUDUSD: highs down

2023-09-03
606
Fundamental analysis:

The Australian dollar remained volatile around 0.64499 against the US dollar. Australia's three-month annualized inflation rate was 2.7%, within the RBA's target range of 2%-3%. Inflation in Australia continued to follow the decline in the US, but with a lag of about six months, just as it lagged on its rise.

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



Brief technical analysis:

Looking at the 4-hour chart: the high-level short momentum has fallen, the short-term decline continues, the market is shrouded in bearish sentiment, the MACD indicator is in the long zone and is slowly declining, and the RSI indicator is hovering weakly below the 50 equilibrium line;

Resistance levels: 0.64648 0.64746

Support levels: 0.64391 0.64286

Trading strategy: bearish below 0.64549, target 0.64391 0.64286
Alternative strategy: Bullish above 0.64549, target 0.64648 0.64746

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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