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AUDUSD: low move down

Fundamental analysis:

The Australian dollar remained volatile near 0.66027 against the US dollar. According to data released by the Australian Bureau of Statistics today, the CPI rose by 1.4% quarterly in the first quarter, slightly higher than market expectations of 1.3%. The annual growth rate fell to 7.0% from 7.8%, again beating expectations of 6.9%. Australian inflation eased from a 33-year high in the first quarter as the cost of living rose at the smallest pace in more than a year, while core inflation came in below expectations, suggesting less pressure on the RBA to raise rates again.

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

Brief technical analysis:

Looking at the 4-hour chart: The low-level short-term momentum continues to fluctuate and move down, the short-term decline may continue, the market as a whole is in a bearish trend, the MACD indicator is in the short-term area, and the RSI indicator is in the short-term area.

Resistance levels: 0.66222 0.66356

Support levels: 0.65900 0.65790

Trading strategy: bearish below 0.66083, target 0.65900 0.65790
Alternative strategy: Bullish above 0.66083, target 0.66222 0.66356

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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