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AUDUSD: Low shock

2023-09-06
607
Fundamental analysis:

The Australian dollar remained fluctuating around 0.63772 against the US dollar. The Reserve Bank of Australia kept interest rates unchanged at 4.10% for the third consecutive month and maintained a tightening bias. The continuous suspension of interest rate hikes means that further interest rate increases face greater obstacles, and it also means that unexpected changes in economic data are needed to prompt the central bank to further tighten policy.

Australian Dollar USD AUDUSD - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: After the short-term momentum fell sharply, it consolidated at a low level in the short-term, and the market was shrouded in bearish sentiment. After the short-term consolidation, it continued to move downwards. The MACD indicator was in the short area and continued to decline, and the RSI indicator was in the short area and maintained consolidation;

Resistance level: 0.63930 0.64024

Support level: 0.63670 0.63570

Trading strategy: Bearish below 0.63833, target 0.63670 0.63570
Alternative strategy: bullish above 0.63833, target 0.63930 0.64024

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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