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AUDUSD: highs move down
2023-03-24
826
Fundamental analysis:
The Australian dollar remained volatile around 0.66863 against the U.S. dollar. If the Reserve Bank of Australia announces that it will stop raising interest rates in April, policy makers may face embarrassment. Another 25 basis point hike in April appears to be the path of least regret for the bank. If peak inflation is confirmed, the RBA could take a more relaxed pause in May.
Australian dollar AUDUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level short-term momentum has moved down, the short-term decline may continue, the overall short-term sentiment in the market has begun to emerge, the MACD indicator is hovering above the 0 axis, and the RSI indicator is in a weak order near the 50 balance line;
Resistance levels: 0.67049 0.67171
Support levels: 0.66727 0.66896
Trading strategy: bearish below 0.66922, target 0.66727 0.66896
Alternative strategy: Bullish above 0.66921, target 0.67049 0.67171
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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