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AUDUSD: Low shock

2023-09-10
588
Fundamental analysis:

AUD/USD remains volatile around 0.63711. The AUD/USD currency pair has been on a strong downward trend over the past few months as investors and traders have flocked to the safety of the US dollar. The U.S. dollar index, which measures the dollar's performance against a basket of currencies, rose to $104.6, its highest level in more than five months.

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



Brief technical analysis:

Looking at the 4-hour chart: the short-term lows remain volatile. Although the market's short sentiment has weakened, it may continue to remain low and volatile in the short term. The MACD indicator is in the short area and maintains consolidation, and the RSI indicator is weakly hovering below the 50 equilibrium line;

Resistance level: 0.63865 0.63963

Support level: 0.63611 0.63535

Trading strategy: Bearish below 0.63762, target 0.63611 0.63535
Alternative strategy: bullish above 0.63762, target 0.63865 0.63963

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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