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AUDUSD: highs move down
2023-02-03
1024
Fundamental analysis:
The Australian dollar remained volatile around 0.70794 against the U.S. dollar. The Reserve Bank of Australia is expected to announce the ninth consecutive increase in official interest rates next Tuesday, and may announce an increase in inflation expectations. The possibility of raising interest rates by 50 basis points is "not small."
Australian dollar AUDUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level short-term dynamics remain volatile and downward, the short-term decline has not stopped, the market is shrouded in bearish sentiment, and there is a trend of continuous downward movement in the short term. Hovering around the equilibrium line;
Long-short turning point: 0.70900
Suppression: 0.71094, 0.71278
Support: 0.70605, 0.70416
Trading strategy: bearish below 0.70900, target 0.70605, 0.70416
Alternative strategy: Bullish above 0.70900, target 0.71094, 0.71278
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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