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AUDUSD: highs move down

2023-01-17
508
Fundamental analysis:

The Australian dollar remained volatile around 0.69561 against the US dollar. With the decline in demand, the growth of construction costs may further slow down in the next 12 months, which will help to cool down this year's inflation; To crack down on illegal activities such as fabricating and spreading information about price increases, hoarding, and price gouging, DCE iron ore futures plummeted by nearly 4%.

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



Brief technical analysis:

The 4-hour chart: After the bullish momentum moved upwards, the high level was blocked and retreated, the market’s bearish sentiment emerged, and it gradually moved downward in the short term. The MACD index was in the bullish area and moved down, and the RSI index was hovering weakly on the side of the 50 balance line;

Long-short turning point: 0.69664

Suppression: 0.69856, 0.70025
Support: 0.69375, 0.69152

Trading strategy: bearish below 0.69664, target 0.69375, 0.69152
Alternative strategy: Bullish above 0.69664, target 0.69856, 0.70025

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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