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