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AUDUSD: low move up

Fundamental analysis:

The Australian dollar remained volatile near 0.67722 against the US dollar. The RBA may raise interest rates three times in the next six months to curb stubborn inflation. It is still confident that Australia will avoid a recession in 2023, but warned that everything has become tighter; next Tuesday The RBA is set to raise interest rates for the 10th time in a row, though broad economic data has softened and the RBA may be heading for a policy error.

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

Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum is slowly rising at a low level, and the bullish sentiment in the market has begun to emerge. In the short term, it will continue to move upward.

Resistance levels: 0.67911 0.68107

Support levels: 0.67415 0.67230

Trading strategy: Bullish above 0.67617, target 0.67911 0.68107
Alternative strategy: bearish below 0.67617, target 0.67415 0.67230

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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