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AUDUSD: low move down

2023-05-19
852
Fundamental analysis:

The Australian dollar remained volatile near 0.66242 against the US dollar. Australia's April employment report unexpectedly performed poorly, with the unemployment rate rising to 3.7% from 3.5% in March. The market expects the RBA to raise interest rates by another 25 basis points, but the timing of the hike will be delayed from June to August.

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



Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum remains low and fluctuates downward, the short-term decline has not stopped, the market is shrouded in bearish sentiment, and there is a trend of continuing to move downward in the short term.

Resistance levels: 0.66493 0.66622

Support levels: 0.66102 0.65999

Trading strategy: bearish below 0.66355, target 0.66102 0.65999
Alternative strategy: bullish above 0.66355, target 0.66493 0.66622

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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