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AUDUSD: low move down

2023-05-26
760
Fundamental analysis:

The Australian dollar remained volatile around 0.65070, and the market's re-forecast on the possibility of the RBA raising interest rates will prove to be wrong. Canceling the rate hike would put another pressure on the Aussie, although not as sharply as the RBNZ's reassessment; the RBA's next rate decision is on June 6.

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



Brief technical analysis:

Looking at the 4-hour chart: the short-term dynamics remain volatile and downward, the short-term decline has not stopped, the market's bearish sentiment continues to emerge, the MACD indicator is in the short-term area and moves down, and the RSI indicator is in the short-term area.

Resistance levels: 0.65403 0.65570

Support levels: 0.64920 0.64740

Trading strategy: bearish below 0.65182, target 0.64920 0.64740
Alternative strategy: Bullish above 0.65182, target 0.65403 0.65570

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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