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AUDUSD: Low level wide amplitude oscillation
2022-10-20
1146
Fundamental analysis:
The Australian dollar remained volatile against the US dollar at 0.62684. Rio Tinto announced that it had reached an agreement with its Australian competitor Wright Exploration Company to mine resources from Rhodes Ridge in Pilbara, "one of the largest and best developed iron ores in the world".
AUDUSD AUDUSD - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the low position moves in a short term and wide range, and the market bearish sentiment starts to show signs of waiting for an opportunity to enter the market. The MACD indicator is weak and hovering near the 0 axis, and the RSI indicator is weak and sorted out below the 50 equilibrium line;
Empty turning point: 0.62786
Pressing: 0.63034, 0.63326
Support: 0.62427, 0.62220
Trading strategy: 0.62786 lower bearish, target 0.62427, 0.62220
Alternative strategy: bullish above 0.62786, target 0.63034, 0.63326
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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