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AUDUSD: hovering at low levels

Fundamental analysis:

The Australian dollar remained volatile around 0.67334 against the U.S. dollar. Australia’s seasonally adjusted construction permits in January plummeted 27.6% month-on-month to 12,065, the lowest level since July 2012, and the decline far exceeded the expected 9%; Rabobank warned that Chinese consumers’ consumption Habits have changed dramatically, and it may be difficult for Australia's beef exports to China to recover quickly.

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

Brief technical analysis:

Looking at the 4-hour chart: the short position is weak and moving downward, and the overall downward movement is maintained in the short term. The MACD indicator is in the short area and remains in order, and the RSI indicator is hovering below the 50 balance line;

Long-short turning point: 0.67441

Suppression: 0.67634, 0.67860
Support: 0.67164, 0.66970

Trading strategy: bearish below 0.67441, target 0.67164, 0.66970
Alternative strategy: Bullish above 0.67441, target 0.67634, 0.67860

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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