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AUDUSD: Low shock

2023-09-07
670
Fundamental analysis:

The Australian dollar remained volatile around 0.63807 against the US dollar. Australia’s second-quarter GDP growth of 0.4% was slightly better than expected, alleviating recession concerns; however, interest rates at a 10-year high suppressed demand, and household consumption remained weak.

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



Brief technical analysis:

4-hour chart: In the short term, the market remains weak and fluctuates at a low level, and the market’s short momentum has weakened, but it is still in the process of finishing at a low level. The MACD indicator is in a low-level consolidation in the short area, and the RSI indicator is weakly oscillating below the 50 balance line;

Resistance level: 0.63930 0.64024

Support level: 0.63702 0.63608

Trading strategy: Bearish below 0.63833, target 0.63702 0.63608
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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