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AUDUSD: hovering at low levels
2023-03-10
896
Fundamental analysis:
The Australian dollar remained volatile around 0.65896 against the US dollar. The Australian residential construction industry is facing great pain as rising interest rates and uncertainty wreak havoc on the market and push down new residential starts. The backlog of residential construction may soon decrease. Renovation activity will also fall.
Australian dollar AUDUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum fluctuates within a narrow range at a low level, the market as a whole is hovering in a weak position, and will continue to consolidate and move downward in the short term.
Resistance levels: 0.66230 0.66426
Support levels: 0.65740 0.65580
Trading strategy: bearish below 0.66028, target 0.65740 0.65580
Alternative strategy: Bullish above 0.66028, target 0.66230 0.66426
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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