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AUDUSD: highs move down

2022-12-29
601
Fundamental analysis:
The Australian dollar remained volatile around 0.67393 against the U.S. dollar. In the generally quiet trading during the year-end holiday period, the Australian dollar hit a new intraday high of 0.6775 against the U.S. dollar on Tuesday, closing at $0.6732. The currency is often seen as a liquidity barometer for the yuan.

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




Brief technical analysis:
Looking at the 4-hour chart: the high-level short-term dynamics are oscillating downward, and there are signs of continued downward movement in the short term. The MACD indicator is in the bullish area, and the RSI indicator is hovering around the 50 balance line;
Long-short turning point: 0.67509
Suppression: 0.67668, 0.67811
Support: 0.67246, 0.67083
Trading strategy: bearish below 0.67509, target 0.67246, 0.67083
Alternative strategy: Bullish above 0.67509, target 0.67668, 0.67811

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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