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AUDUSD: highs move down

Fundamental analysis:

The Australian dollar remained volatile near 0.67642 against the U.S. dollar. Retail sales in Australia fell by 0.6% month-on-month in the first quarter, a more-than-expected 0.5% drop; the Australian federal budget shows that the Australian economy is expected to grow by 1.25% to 1.5% in 2023, the first quarter since the end of the epidemic blockade The slowest growth rate of the year.

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 the market's bearish sentiment is gradually emerging. The short-term decline may continue. The MACD indicator is in the long-term area and moves down, and the RSI indicator is hovering weakly above the 50 balance line;

Resistance levels: 0.67872 0.68010

Support levels: 0.67500 0.67359

Trading strategy: bearish below 0.67724, target 0.67500 0.67359
Alternative strategy: Bullish above 0.67724, target 0.67872 0.68010

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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