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AUDUSD: low recovery finishing

Fundamental analysis:

AUD / USD fluctuated around 0.69968, and the growth of Australian retail sales in July was much higher than expected, but this did not help to prevent the Federal Reserve of Australia from further raising the official interest rate by 50 basis points next month. Sales in July increased by 1.3% and 16.5% year-on-year.

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

Technical analysis:

According to the 4-hour chart, the short-term momentum maintains low volatility, the short-term support is reversed and moved upward, the market is weak at the bottom, the MACD index is weak at the lower side of the 0 axis, and the RSI index is narrow at the lower side of the 50 equilibrium line;

Long and short turning point: 0.69112

Pressing position: 0.39355, 0.69607

Support position: 0.68750, 0.68535

Trading strategy: bearish below 0.69112, target 0.68750, 0.68535

Alternative strategy: bullish above 0.69112, target 0.39355, 0.69607

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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